Smart toilet no longer have to go to Japan cheaper.
With the approval of the State Council, the Customs Tariff Commission of the State Council issued a document that starting from December 1, China will reduce its import tariffs on 187 commodities at an average tariff rate of 17.3% to 7.7%. This also includes smart toilets previously snapped up by Chinese residents in Japan Cover and special formula baby milk, diapers and so on.
In fact, consumption has become one of the main driving forces for China's economic growth and how to continue to tap its potential has become an important issue, which has been the fourth time China has reduced its import tariffs on some consumer goods since 2015. The relevant person in charge of the Ministry of Finance said , Lowering the tariff on consumer goods and releasing a positive signal of expanding the import of consumer goods will be conducive to the steady expansion of opening up and the import and export trade balance, the transformation of the economic growth mode and the sustainable economic and social development.
Wang Wei, a researcher at the Institute of Market Economy of the State Council Development Research Center, analyzes the issue of opening up to the outside world in the consumption field, improving market access and regulatory system, making efforts to attract the manufacturing and service enterprises of world-renowned consumer brands to invest and develop in China, Consumption supply structure transformation and upgrading, to further expand domestic consumption.
The reduction of import tariff also reflects from the side, China's high-end consumer goods manufacturing has narrowed the gap with foreign countries. 'The domestic supply-side reform emphasizes making up for shortcomings, in the high-end consumer goods, Chinese companies are catching up, so not Need too high import tariffs to special protection. "Morgan Stanley Huaxin Securities chief economist Zhang Jun told First Financial said in the long run, consumer spending will grow as the main driver of China's economic growth.
Consumption is escalating
The report of the 19th NPC pointed out: The major social contradictions in our country have been transformed into the contradictions between the ever-growing need for a better life and unbalanced development.
In the new era, consumption is especially important to meet the people's growing needs for a better life. On the basis of previous tax cuts, this time to further reduce the import tariffs on consumer goods, involving a total of 187 8-digit tariff line products.
According to the person in charge of the Ministry of Finance mentioned above, irrespective of the first three tariff reductions, our residents in China purchase skin care products, some garments, some footwear, some bags, diapers, specialty foods and cultural consumer goods Etc., are still the key choices of the cross-border electricity and commerce associations that are currently emerging in China and around the world, such as foodstuffs, health products, medicines, daily chemicals, clothes and shoes and hats, household appliances, cultural and entertainment products, and grocery stores Imported consumer goods.
In addition to its broader coverage, the official said that the imports of these general trade products for a total annual import of 13.9 billion U.S. dollars, together with the provisional provisional tax rate on consumer goods, imposes a provisional tax rate of about 23.6 billion U.S. dollars on imports during the general trade year. Tax reduction efforts are not new. Newly introduced commodities subject to provisional tax rates are generally reduced by half the MFN rate. For some commodities that have been tentatively taxed at the earlier stage, appropriate tax cuts or appropriate expansion of the scope of goods are also allowed. Tu Xinhua, dean of the WTO (World Trade Organization) Research Institute, told CBN reporter that this is good news. As a result of autonomous tax cuts, the tax reduction rate can be raised again.
Zhang Jun said that in recent years, the proportion of consumption in GDP (gross domestic product) continued to increase, while the Engel coefficient (the proportion of total food expenditure in total personal consumption expenditure) continued to decline. The tendency of residents' consumption upgrade was very clear. Apart from meeting the basic necessities of consumption, Demand, the quality of consumer goods and brand content have higher requirements.
According to the data disclosed by the National Bureau of Statistics, the Engel's coefficient of Chinese residents in 2016 was 30.1%, down 2.9 percentage points from 2012 and close to the standard of 20% to 30% of the United Nations.
Xu Hongcai, deputy chief economist of China International Economic Exchange Center, told CBN reporter that the continuous decline of the Engel's coefficient shows that with the economic development, the incomes of ordinary people have risen significantly in the past few years and structural changes have taken place in the consumption of ordinary people. The basic material The proportion of consumption is declining, the proportion of the spiritual consumption is on the rise, and the consumer demand is diversified. This also leads to the adjustment of the industrial structure.
Expand spending policy frequently
Since the beginning of this year, China's consumer market has witnessed steady and rapid growth.Data released by the Ministry of Commerce shows that in the first three quarters, the total retail sales of social consumer goods increased by 10.4% from the same period of last year, the same growth rate as that in the same period of last year.The contribution of final consumption expenditure to economic growth The rate reached 64.5%, an increase of 2.8 percentage points from the same period of last year. The fundamental role of consumption in economic growth was further consolidated.
Bright data can not be separated from the country introduced in recent years a series of consumer policies.
In April last year, 24 departments including NDRC and MIIT jointly issued the Circular on Printing and Distributing the Proposal of Promoting Consumption to Drive Transformation and Upgrading. The Circular covers the circulation, rural areas, housing, automobile, tourism, housekeeping, education, sports, green and consumer environment And other 10 areas of deployment of the "Ten expansion spending action." The purpose is to actively play a leading role in new consumer spending to speed up the formation of new supply to cultivate a higher level to promote the solution to the contradiction between supply and demand, adding new impetus to economic and social development.
The State Council executive meeting on October 16 last year identified five major policies and measures for further expanding domestic consumption: First, to eliminate institutional and institutional obstacles that constrain spending on endowment, education and sports; second, to increase effective supply in areas such as tourism and culture; and third, Promote the development of fitness and leisure industry guidance; Fourth, to promote the upgrading of traditional consumption; Fifth, optimize the consumer environment, by easing access to attract social investment to increase the supply of consumer goods and services.
A month later, the General Office of the State Council promulgated the Opinions on Further Expanding Consumption in Education, Training, Education and Training for Health, Endurance, Culture and Sports in Areas of Tourism Culture, Sports, Health, Pension, Education and Training etc. In the key areas, we will continue to release potential consumer demand by improving service quality and increasing service provision.
The driving force of information technology in the area of consumption has significantly increased, and the scale of information consumption is expected to reach 6 trillion yuan by 2020, an average annual increase of more than 11% .In August this year, the State Council issued the "Notice on Further Expanding and Upgrading Information Consumption and Sustained Release of Domestic Demand Potential Guiding Opinions, "deployment to further expand and upgrade the consumption of information, fully release the potential of domestic demand, and strengthen the economic development endogenous motivation.
For this time cut tariffs, Bai Ming, deputy director of the Institute of International Market Research Institute Ministry of Commerce that at least reflects the three major considerations: the first is to meet the needs of consumer upgrades, so that domestic people to expand the choice of consumer goods; the second is the supply side structure This reform not only requires the reform of the supply of means of production but also the provision of means of subsistence. By moderately importing, China's domestic enterprises have increased the sense of urgency for competition. Thirdly, this tariff reduction reflects the China further enhances the level of opening up and determination of trade liberalization.
Increase the consumption area to open to the outside world
Consumer pull has become one of the main engines of national economic growth.
With the transformation of China's economic development from high-speed growth to high-quality development, the structural adjustment of China's economic growth momentum has accelerated and the consumption-driven growth trend has become increasingly apparent. According to the data released by the National Development and Reform Commission at the beginning of this year, the final consumption expenditure of China on the economy The contribution rate of growth reached 64.6%.
Accelerating the formation of a consumer-driven growth pattern requires further deepening supply-side structural reforms and accelerating innovation in consumer spending to promote institutional mechanisms. The report of the 19th National Congress of the Communist Party of China pointed out that in the mid-to-high-end consumption, innovative leadership, green and low carbon, sharing economy, Chain and human capital services to cultivate new growth points and create new momentum. At the same time, it is pointed out that it is necessary to improve the institutional mechanisms for promoting consumption and enhance the fundamental role of consumption in economic development.
On the one hand, Wang continued to expand the global import of high quality and high value-added consumer goods, enhance the consumption quality of Chinese residents and eliminate the drop in consumption both at home and abroad; on the other hand, improve market access and supervision System, efforts to attract the world's leading consumer brands manufacturing enterprises, service enterprises to invest in China and development, and promote the transformation and upgrading of China's consumption supply structure to further expand domestic consumption.
At the 16th meeting of the Central Financial and Economic Leading Group held on July 17 this year, Xi Jinping, CPC Central Committee General Secretary, emphasized that while stabilizing the export market, China should take the initiative to expand its imports and promote the balance of payments for current account. To study ways to reduce the consumption of some consumer goods To encourage fair competition in the domestic market environment, create conditions for equality of opportunity in tariffs, import inspection and marketing so that consumers can make their own choices so that the market can play a role.
Zhang Jun told CBN reporter that in the long run, consumption will grow into the main driver of China's economic growth. To maintain the sustainability of consumption, on the one hand, it needs the steady growth of China's economy to ensure the growth of household income. This is the premise Second, through policies to prevent a widening gap between the rich and the poor, 'because from the experiences and lessons of developing countries such as Latin America, the excessive gap between rich and poor harms the sustainable growth of consumption.'