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China's import tax adjustment comes into effect

04-15-2012 11:38 BJT

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China’s adjusted tax on inward goods comes into effect today (Sunday), which means stricter control on goods coming into the Chinese mainland.

According to the latest revision, tax equal to 10 percent of the price of food products like tea and milk powder will be imposed, while 50 percent will be imposed on wines and tobacco, and cosmetics. Professor Hong Junjie from the University of International Business and Economics says the new rule aims to control the mini trade and crack down illegal trade.

Some people fear the change will hit mainland consumers as they’ll have to pay more for their purchases. But analysts say that’s not the case.

As the tax of some items is actually lower, analysts say it may boost domestic demand. They also note the General Administration of Custom's move is based on the market, and the department may adjust the policy accordingly.

 

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Editor:Zheng Limin |Source: CNTV.CN

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