China to decrease import tariffs

China plans to decrease import tariffs to boost the domestic consumption. Overseas consumption facilitated by China UnionPay’s network (the country’s only credit card network) hit 180 billion yuan ($27.4 billion) in 2010. Estimated consumption by Chinese residents is $100 billion. Harrods London accepts China UnionPay cards since February 2011.

China import tariffs
China Daily

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