More efforts to expand imports for balanced trade

China will work harder to bring in more imports as it strives to bring balance to its trade, according to guidelines issued by the State Council on Monday.

"The government will further improve the structure of imports and stabilize imports of bulk commodities while importing more advanced technological equipment, important parts and raw materials and appropriately broadening its imports of consumer goods," according to the guidelines.

"More money for import promotion will be added to the present money set aside for developing foreign trade. And interest subsidies will be provided for government-encouraged imports while the coverage of the interest subsidies will be appropriately adjusted."

The guidelines also called for more support for imports from developing economies.

Dong Dengxin, head of the securities research institute at Wuhan University of Science and Technology, said the guidelines come as an important sign amid China's economic transition.

"The policy will help balance China's international trade in view of its great foreign exchange reserves and ease the rising price at home against the background of a high (consumer price index)," he said. "The measures will also drive down the prices of imports and give the Chinese a greater chance of enjoying imported commodities as the yuan appreciates."

The duties charged on some imports will also be adjusted. Tentative tax rates will be introduced to lower the import duties charged on some raw materials and commodities used in people's everyday lives, as well as to adjust the duties charged on imports of some advanced equipment and components.

The goal will be to reduce the duties charged on primary raw materials and important components that are used in strategic emerging industries but that cannot be produced by China, the document said.