Policies are being developed to boost domestic consumption. According to a recent announcement from the Department of Tariff, the Ministry of Finance, China will cut import tariff rates of partial daily consumer goods in the form of a tentative tariff rate.
Experts said that the implementation of the policy was a
good initiative. However, markets determine the level of consumption. National
brands should identify their positioning, improve product quality, and shape
brand images.
Tariffs will be reduced on a number of imported consumer
goods, including clothes, shoes and boots, cosmetics, paper diapers etc. The
tariffs of all the items involved will be cut by more than 50 percent on
average.
Everything has its cause. Due to high import tariffs and a
preference for foreign brands, Chinese people with increasing purchasing power
are interested in buying goods overseas. According to partial statistics from
Ministry of Commerce, the value of consumption abroad in 2014 exceeded one
trillion yuan.
“The measure of reducing tariffs of consumer goods is a
good beginning. However, the market needs a certain time to respond. On one
hand, the number of tariffs to cut is limited; on the other hand, markets
determine real consumption ability. It can’t be too high at the beginning.”
Zhao Ping, deputy director of the consumption and economy research department,
the Ministry of Commerce explained to the media.
She noted that national brands should take advantage of
opportunities to improve their quality and brand image, which is actually the
“catfish effect”. Imported products may not be so different from national
products. However, the fashion value and influence of the brand images which
imported products own are what the domestic enterprises should learn from.
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