China will reduce or remove consumption tax on all cosmetic products, the finance ministry said on Friday, as the country looks to stimulate domestic spending to help prop up slowing economic growth. The new policy will see consumption tax - previously set at 30 percent for all cosmetics - waived entirely for non-luxury cosmetic products, while the tax rate on more expensive cosmetics will be cut to 15 percent, the finance ministry said in a statement. The move, which comes into effect from Oct. 1, fits with China's drive to make products more affordable to domestic shoppers, many of whom have traditionally looked to ... (full story)