China cuts import tax on clothes, other goods

May 25, 2015 4:50 PM

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Beijing • China announced Monday it will cut import taxes on clothing, cosmetics and some other goods by half in a new tactic to spur consumer spending and economic growth.

Beijing is in the midst of a marathon effort to reduce reliance on trade and investment to drive economic growth by nurturing domestic consumption.

Also read: Treasury secretary says a tax overhaul will be easier lift for Congress than health care

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