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People's Daily Online>>China Business

China imports present huge opportunity for the world

(Xinhua)

08:10, April 01, 2012

BEIJING, March 31 (Xinhua) -- Measures to promote balanced trade currently being deliberated by Chinese authorities may create significant opportunities for other countries if implemented.

The State Council, or China's cabinet, said in a statement released Friday after an executive meeting that China is considering a number of policies to boost the country's imports and improve its trade balance.

The country will adopt measures to adjust import tariffs and facilitate fundraising and customs clearance for import enterprises, according to the statement.

China will cut import duties on some energy and raw material products, as well as several high-tech goods, by implementing temporary tariff rates, the statement said.

Deputy Minister of Commerce Zhong Shan said the ministry will soon introduce guidelines for boosting imports and promoting trade balance.

"I'd like to send a clear signal that China's imports will provide huge business opportunities for other countries," Zhong said.

China is now the world's largest exporter and the second-largest importer.

Data from the General Administration of Customs (GAC) showed that it recorded a trade deficit of 31.48 billion U.S. dollars in February, the largest in a decade, as import growth outpaced exports.

The trade deficit in the first two months was 4.25 billion U.S. dollars, according to the GAC.

Li Jian, a researcher with the Chinese Academy of International Trade and Economic Cooperation, said the deficit is temporary and China will still see a trade surplus in the long run.

Boosting imports will be beneficial for promoting domestic consumption, economic growth and the balanced development of trade, Li said.

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