China to lower tariffs on luxury good imports

China has plans to lower tariffs on the import of luxury goods, including cosmetics and luxury watches, as part of its efforts to spur domestic consumption on high-end products, Jiang Zengwei, vice Minister of Commerce, said in an article published in today's People's Daily.

The move also aims to boost sales revenue of luxury goods in the Chinese market, said Jiang.

(Source: China Daily)