Economy

China calls for luxury price cuts

(Cntv.cn)
Updated: 2011-05-11 14:25

The significant price gap among luxury goods, between domestic and overseas retailers, has attracted criticism from the Chinese government. Ministry of Commerce spokesman, Yao Jian, says the difference is unreasonable, and unfair to consumers.

He points out the number of Chinese shoppers abroad is impacting the country's trade balance and imports. He also says, the overseas spending sprees are getting in the way of official efforts to boost domestic consumption. But experts say China will have to take action to power up luxury spending in the country, and cut tariffs on premium imported goods.