Los Angeles Time: China cuts import tariffs on some consumer goods
China announced tariff cuts Friday on consumer goods including avocados, mineral water and baby carriages in a new effort to spur economic growth driven by domestic consumption and reduce reliance on trade and investment.
Beijing faces pressure from the United States, Europe and other trading partners for better access to its growing market. But the range of 187 products affected by the latest cuts was relatively small and it was unclear how China’s trade balance might be affected.
Chinese leaders are in the midst of a marathon effort to nurture self-sustaining economic growth based on consumer spending instead of trade and investment. Foreign products often are seen as higher quality, safer or cheaper, which has fueled a spending boom by Chinese tourists on basic goods including shoes, cosmetics and infant formula.