China proposes tariff cuts to boost consumption

China will slash tariffs on a range of imported products in 2013 in a bid to boost domestic demand, The Wall Street Journal reported. The Ministry of Finance expanded its annual list of products that receive low tariff status to include raw materials, intermediate goods and some consumer products, including baby milk powder and some medical devices such as pacemakers. The list also includes robots for automobile manufacturing lines, lithium batteries and light-emitting diodes, the ministry said in a statement published on its website Monday. Raw materials such as tungsten and ceramic clay will also see cuts, alongside agricultural commodities like alfalfa. Chinese leaders indicated at the annual Central Economic Work Conference this weekend that their economic priority for the next year would be expanding consumption as a driver of the economy.