Import boost to target US, EU
Measures will be taken to gradually boost the country's imports and improve the trade imbalance, an official at the Ministry of Commerce (MOFCOM) said Monday.
The country's export growth has been recovering, while the imports have slowed in recent months, according to data from the General Administration of Customs. The sub-index measuring imports of the purchasing managers' index also continued to drop in August.
The government's vow to boost imports is part of the goal to shift from an export-driven economic model to one based more on domestic consumer spending, Chong Quan, a deputy international trade representative of the MOFCOM, said Monday at a forum in Beijing.
Yao Jian, spokesperson of MOFCOM, said in August that the country will further increase imports to better balance trade.
The country is in the process of industrialization and urbanization, which will spur the growth of a vast domestic demand market in the long-term, while boosting other country's exports to China, Chong said.
A series of measures will be taken to increase imports, according to Chong. Trade frictions and disputes will be properly dealt with and the country will encourage imports from major countries that have trade deficits with China, he said.
China will take the initiative to import resources, advanced technology and important equipment. The country will further improve the tariff structure to help enterprises increase imports, he added.
The nation's general import tariffs have been lowered to 9.8 percent, compared to an average level of 46.6 percent in developing countries across the world.
Major trading partners like the US and EU member countries will be the target import sources. The government's efforts to boost imports will help soothe trade frictions with the US and the EU while helping to revive their economic growth, given uncertainties in the recovery, said Wang Yuesheng, director of the Department of International Economics and Trade at Peking University.
But the imports of goods such as advanced technology also depends on trading partners' willingness to loosen restraints on their exports, Wang said.
Every country should cooperate to resist trade protectionism and open up markets to quicken the pace of global economic recovery, Chong also said.
The country's export growth has been recovering, while the imports have slowed in recent months, according to data from the General Administration of Customs. The sub-index measuring imports of the purchasing managers' index also continued to drop in August.
The government's vow to boost imports is part of the goal to shift from an export-driven economic model to one based more on domestic consumer spending, Chong Quan, a deputy international trade representative of the MOFCOM, said Monday at a forum in Beijing.
Yao Jian, spokesperson of MOFCOM, said in August that the country will further increase imports to better balance trade.
The country is in the process of industrialization and urbanization, which will spur the growth of a vast domestic demand market in the long-term, while boosting other country's exports to China, Chong said.
A series of measures will be taken to increase imports, according to Chong. Trade frictions and disputes will be properly dealt with and the country will encourage imports from major countries that have trade deficits with China, he said.
China will take the initiative to import resources, advanced technology and important equipment. The country will further improve the tariff structure to help enterprises increase imports, he added.
The nation's general import tariffs have been lowered to 9.8 percent, compared to an average level of 46.6 percent in developing countries across the world.
Major trading partners like the US and EU member countries will be the target import sources. The government's efforts to boost imports will help soothe trade frictions with the US and the EU while helping to revive their economic growth, given uncertainties in the recovery, said Wang Yuesheng, director of the Department of International Economics and Trade at Peking University.
But the imports of goods such as advanced technology also depends on trading partners' willingness to loosen restraints on their exports, Wang said.
Every country should cooperate to resist trade protectionism and open up markets to quicken the pace of global economic recovery, Chong also said.
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