China has reduced import tariffs on 187 goods, including infant-formula, spirits, seafood and other products, in a bid to encourage domestic spending as the country strives to become a consumption-driven economy. Tariffs for some baby formula products will be cut to zero from 20% as a result of the new rules, benefitting global brands like Danone and Nestle that are competing for a leading share of China's lucrative infant formula market. The move will help lower the price point of major international brands in China compared with other countries globally, thereby reducing the incentive for consumers to make purchases overseas or via unofficial channels. China's Yili Group has expressed its intention to acquire a majority stake in Pakistan Dairy company Fauji Foods, known for its Nurpur brand, according to a notice sent to the Pakistan Stock Exchange in August 2018.

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