As part of the country's efforts to promote economic recovery, China has announced it will adjust tariffs on a series of goods this year, bringing down the country's overall tariff level from 7.4 percent to 7.3 percent. On Jan 1, the country imposed a provisional import tax rate lower than the "most-favored nation" tariff rate on 1,020 items.

The import tariff rate of seven small household appliances including coffee machines, hair dryers and rice cookers has been reduced from 7 percent to 5 percent.

Many local companies working in the small household appliance industry in Yiwu are located in Yiwu International Trade Market Area 2, which is home to more than 900 shops with over 1,000 business entities. Yiwu China Import Commodity City is home to many small household appliances importers selling goods from Japan, South Korea, Europe, the United States and other countries and regions.

Jin Jian, a shopkeeper in the Yiwu International Trade Market, said the adjustment of tariffs will help reduce the prices of goods and benefit consumers.

The import tariff rate of homogenized mixed food for infants and young children has been reduced from 12 percent to 6 percent. Fu Junmin, director of Yiwu Sidao Trading Co, said the move will reduce the company’s taxes by several-fold per year.