Much-needed boon for growth

Declining foreign exchange reserves and poor trade growth figures are surely causes for caution for Chinese policymakers who are trying hard to arrest the slowdown of the world's second-largest economy amid increasing global uncertainties.

But protectionism is definitely not an option for the world's largest trading nation.

The latest round of tariff cuts to boost domestic consumption is therefore not only a much-needed boon for domestic consumers but also testimony to China's resolve to rebalance away from reliance on exports and fixed-asset investment toward a consumer-driven economy.