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China to expand imports for balanced foreign trade

Updated: Jul 9,2018 5:00 PM

The State Council has approved and issued a guideline on expanding imports in a bid to promote a balanced foreign trade format and high-quality economic development.

The guideline was submitted by 20 government departments, including the ministries of commerce, foreign affairs and industry and information technology. It urged the expansion of imports while stabilizing export volume and the improvement of the domestic supply system to satisfy people’s increasing demands.

Imports of consumer goods, medical products and equipment for recovery and senior care concerned with people’s livelihoods must hold great importance, and tariffs of those products would be reduced to lower costs.

It also stressed developing service trade, importing technological equipment that will help industrial upgrades and increasing the import of agricultural and resource products.

To expand imports, China will increase cooperation with countries involved in the Belt and Road Initiative, set up free trade zones and continue to give preferential tariff policies to the least developed countries, according to the guideline.

It also called for making full use of China’s first international import expo to advance import, improve the domestic business environment to attract foreign investment and innovate import trade modes.

It underlined the importance of a free and convenient business environment, called for building up an international-level “single window” to simplify the customs process and lower institutional costs while importing products.