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People's Daily Online>>China Business

China cuts import duties tp boost spending

By By Bao Chang and Cang Wei (China Daily)

08:20, March 31, 2012

Rates to be lowered on selected energy products and raw materials

China, the world's second-biggest importer, will cut import duties on selected energy products and raw materials as well as consumer goods to boost purchases, the State Council said in a statement on Friday.

The decision underlines Beijing's intent to buy more from its trade partners to boost domestic consumption and comes after China posted its largest monthly trade deficit in at least a decade in February.

It is the first time the State Council has devoted a regular meeting to the issue of boosting imports, which is usually the responsibility of the Ministry of Commerce.

"As we maintain stable growth in exports, we should focus more on imports and appropriately expand its amount," the State Council said in a meeting.

China, the world's largest exporter, will have to rely less on exports to drive its economy in coming years, when growth in the US and European markets is predicted to slow.

Importing more will lift living standards and ease China's disputes with its trade partners, according to the ministry.

Vice-Premier Li Keqiang said earlier this month that China will import $10 trillion worth of goods and services in the five years ending 2015.

Wang Shouwen, director of the ministry's department of foreign trade, said on Friday that China is set to boost imports of capital goods and consumer goods as the country plans to further diversify and expand imports.

"One of the ministry's top trade priorities this year increase imports of capital goods, especially spare parts, and consumer goods," Wang said at an Import Expansion and Balanced Trade Development Forum in Kunshan, Jiangsu province.

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