Beijing wants more spending at home, not abroad

Beijing wants more spending at home, not abroad
Shoppers at Funsens Nansha Overseas Products Direct Purchase and Experience Center in Guangzhou, Guangdong Province, can purchase products online more cheaply after viewing them at brick-and-mortar stores.
PHOTO: Nikkei Asian Review

HONG KONG - As Chinese tourists continue traveling overseas to shop, China's government is attempting to entice its citizens to spend at home.

Worried about its weakening economy, the government has introduced a trial programme to exempt imported products from taxation in free trade zones in Guangdong Province. Authorities have also lowered import tariffs on certain daily necessities.

The moves come amid growing concerns about the deteriorating health of the nation's economy, once the target of global envy. The recent stock market crash further intensified fears about the status of the country's markets.

Since it is seeking to lessen the economy's growth dependence on investment and focus more on domestic demand, Beijing is likely to provide more incentives for Chinese consumers to spend at home.

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