The L'Oréal will reduce the price of products supplied to China

The French cosmetics company L'Oréal reduces the price of most of its products that are shipped to China, to fight against the gray market of products, and also encourage Chinese consumers to buy more.

The cosmetics company's decision came after the Chinese Finance Ministry on Monday announced that the Ministry will reduce reduce duty imposed on certain import such as clothing products, furs, and footwear. The duty on cosmetic products will decline to 2 percent from the previous 5 percent, while the price of disposable diapers will also fall to 2 percent from 7.5 percent. (MTI, Dow Jones)