ASIAdocument.write(“” + m[today.getMonth()+1]+ ” “+ today.getDate()+”, ” + theYear + ” “);HOMECHINAWORLDBUSINESSLIFESTYLECULTURETRAVELSPORTSOPINIONREGIONALFORUMNEWSPAPERChina Daily PDFChina Daily E-paperChina Daily Global PDFChina Daily Global E-paperBusiness /CompaniesEconomyPolicy WatchChina DataCompaniesMarketsIndustriesViewMotoringTechGreen ChinaLOreal slashes prices amid tariff cuts(Xinhua)Updated:2015-05-28 09:28Comments Print Mail Large Medium SmallLOreal products in department store.[Photo/China Daily]SHANGHAI – French cosmetics giant LOreal has promised to cut the prices of most of its imported products after the Ministry of Finance announced it would slash import tariffs.Despite increasing operational costs and the limited impact customs duties have on retail prices, LOreal said in a statement on Wednesday that it would lower the prices of imported products.The ministry announced Monday that as of June 1, import duties on consumer goods would be reduced by an average of 50 percent. The duty on cosmetics will be reduced to 2 percent from 5 percent.Economic growth slid 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.LOreal China CEO Alexis Perakis-Valat said the company welcomed the tax reduction.Last year, LOreal earned 14.3 billion yuan ($2.3 billion) in China, registering growth of 7.7 percent.Yu Jian, general manager of consumer knowledge firm Kantar Worldpanel China, said the fast-moving consumer goods (FMCG) market had encountered challenges and looking forward it would probably settle into a period of moderate growth.Spending at homeChinese consumers last year spent about $165 billion overseas. A surge in the number of outbound tourists and the yuans appreciation against the euro and Japanese yen also helped drive overseas consumption up 28 percent from 2013.The shopping mania has been mainly attributed to the substantial difference between domestic and overseas prices. Premium goods can be up to 50 percent more expensive in China than abroad.Prices in China are inflated because of high import and consumption taxes on luxury goods and a tendency by foreign firms to set much higher prices in China. As economic growth continues to dip, policy makers have identified boosting domestic consumption as the most viable way to spur an economy beset by industrial overcapacity and corporate debt.The cabinet justifies this shake up of consumer goods taxes by saying that increased imports of popular goods would help boost domestic consumption and benefit the job market.Zhao Ping, a leading researcher at the Ministry of Commerce, said that if shoppers spent one third of the money they splurged overseas in China, domestic consumption would grow by 1 to 2 percent.Other luxury brands are also poised to slash prices to revive their China sales, especially as they have suffered from the ongoing corruption crackdown.Chinas luxury market shrunk for the first time in 2014, down 1 percent from a year earlier, according to a report by Bain & Co.Chanel last year lowered the price of its handbags in China by over 20 percent.”In the past, the Chinese bought luxury goods as gifts. Now they buy them for themselves. Only by lowering prices can we help luxury brands retain their market share,” said a China market agent for foreign brands who requested anonymity.”The tariff reduction will be the catalyst for a trend of price cuts,” she said.8.03KRelated StoriesChinese cosmetics firms shine in Mideast with New Silk Road driveChina to tighten supervision of cosmetics industrySouth Korean cosmetics firm eyes aspiring middle classAvon pays fine of $135m to settle bribery allegationsAmore sitting pretty in makeup marketPhoto2015 Intl CES Asia opens in ShanghaiTop 9 smartphone-driven gadgetsFancy cars at 1st CES AsiaA young part-time chauffeur on the roadFarmers harvest tea in Sanjiang Dong autonomous county of GuangxiTech giants shine on Guiyang Intl Big Data Expo 2015China Economy By NumbersChina Economy by Numbers – Dec China Economy by Numbers – Nov NewsmakerTop executive of Infor has head in the cloud Zwilling stays at cutting edge of the kitchenware industryMost ViewedTodays Top NewsLOreal slashes prices amid tariff cutsAlibaba-backed Internet bank approved to open2015 Intl CES Asia opens in ShanghaiGerman rail giant mulls buying trains from ChinaRisk awareness vital for success of trade moves, agency saysChanging tastes of modern Chinese householdsTop 9 smartphone-driven gadgetsIT security plan to safeguard State secretsHot TopicsFiat SpA Peugeot SA Taxi app Internet finance Housing price Disneyland WeChatEditors PicksTop 10 baijiu brands in China Top 10 provinces with the highest per capita deposit in China Top 10 most expensive restaurants in Beijing Top 10 highest-paid white-collar jobs SpecialsBoao Forum For Asia 2015China Development Forum 2015CEO roundtable: new normal& strategies…| About China Daily | Advertise on Site | Contact Us | Job Offer | Expat Employment |Copyright 1995 -var oTime = new Date();
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