Expect your Nikes, Neutrogena, Nine West, and nappies to drop in price next month as the Ministry of Finance will slash import taxes on a number of imported goods categories June 1 in an effort to stimulate domestic consumption.

The ministry is specifically targeting local Chinese consumers, many of whom make massive purchases while traveling abroad to avoid local prices inflated due to heavy import taxes.

Here's a chart of the categories that are having their import taxes slashed:

The tax breaks kick in June 1, though there's no word if and when the savings will be passed on to consumers.

But given the preponderance of malls and online stores in Beijing, don't expect to have to wait too long to see a drop in prices. 

Let's only hope this is the tip of the iceberg; we'd love to see the prices of other imported items such as denim jeans, cheese, iPhones, and cars return from the stratosphere where they are firmly parked now.

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