China would significantly reduce import duties on high-category goods

China is already the world's second largest luxury market, but soon, demand may be even greater: The Far Eastern country has plans to reduce import duties on high-category items, so to encourage its wealthy citizens to consume.

China has the highest import duties on cosmetics: about 50 percent. Thirty percent burdens  watches and jewelry. Therefore, more and more Chinese customers purchase in Hong Kong, London and in Paris. Several Chinese ministers were trying to change the rate of import duties already and now a new taxation draft will be submitted – reports Világgazdaság Online, after Reauters.