China is considering a consumer tax overhaul, according to sources, the latest indication reforms are being accelerated to help speed the shift toward a more consumption-led economy.

The Ministry of Finance has submitted the tax overhaul proposal to the State Council, said the sources.

The plan may change after it's debated by ministries that are part of the State Council, China's Cabinet, one person said. Finance officials broadly support tax cuts on cheaper cosmetics and toiletries, and talks also include raising alcohol and tobacco taxes, one person said.