China lowers e-commerce import taxes to boost mainland consumption
BEIJING plans to raise the tax threshold for e-commerce imports to allow consumers to spending more money on overseas goods online without paying tax in a move that appears designed to boost consumption and kick-start a slowing economy, Caixin reports.
The tax quota will be increased by 30 per cent, from CNY20,000 to CNY26,000 (US$3,750), according to an announcement by the State Council. The limit for a single transaction will also rise from CNY2,000 to CNY5,000, and the policy will be expanded from 15 to 22 cities.
Chinese consumers spent CNY1.03 trillion on imported products during the first half of 2018, with the total for the whole year expected to reach CNY1.9 trillion, up 27 per cent year-on-year, according to the Electronic Commerce Research Centre.
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