The Ministry of Finance on Monday announced adjustments on the tariffs levied on the import of personal items to stimulate domestic consumption.
Starting from June 1, import tariffs on suits and sneakers will be trimmed from 14-23 percent to 7-10 percent, and 22-24 percent to 12 percent, respectively, the ministry said in a statement.
According to the adjusted policy, import tariffs on cosmetics and diapers will be cut from 5 percent to 2 percent, and 7.5 percent to 2 percent, respectively.
The adjustments are an important step to stabilize economic growth through benefiting imports, promoting domestic consumption and spurring industrial upgrade, said the ministry.
Economic growth slowed to 7 percent in the first quarter this year, down from 7.3 percent the previous quarter, and retail sales in April grew 10 percent from a year ago, slightly lower than the 10.2 percent posted in March, indicating more easing measures may be needed to prop up growth.