High import tariffs

A clash of opinions over the need to cut import duties on "luxury" goods has broken out between China's financial officials and commercial policymakers.

Spectacular as it is, the ongoing debate has so far done little to boost domestic consumption, a desirable goal that both sides agree on.

Responding to loud public calls for lower taxes on imported goods, the Ministry of Commerce recently told the press that reducing import duties on luxury goods is only "a matter of time" as key ministries have reached general agreement on the issue.