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China's imports to keep growing on tariff cut
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CHINA'S imports will continue to grow with increasing demand as the country steps up efforts to reduce tariffs and improve the trading environment, a senior official said at the China Import Forum today in Shanghai.
"Encouraging imports is a national strategy to assist faster economic restructuring and promote innovation," said Liu Shaojun, deputy director general of the Department of Foreign Trade at the Ministry of Commerce.
"It fits into the goal of letting the market play a decisive role in growth," Liu said.
China has been beefing up efforts to bolster imports and reduce imbalances. The country published a list of encouraged imports in 2011 to expand the imports of needed technologies, key parts, rare natural resources and environmentally friendly products. On the list were 209 kinds of products, including the design and production of high-performance computers.
Under its influence, China's imports gained 23.3 percent year on year from 2009 to 2012, while world imports dropped in the wake of the global financial crisis.
China's imports jumped to US$1.59 trillion in the first 10 months with growth picking up to 7.6 percent in October from September's rate of 7.4 percent.
Wang Wei, director general of Tariff Policy Department at the ministry, said China will further lower tariffs on certain energy imports and daily necessity goods next year.
"China has been dedicated to reducing tariffs to encourage imports," Wang said, noting the country has fulfilled all the tariff-related promises made to the World Trade Organization by 2010.
China's current tariff rate stands at 9.8 percent, compared with the developing countries' average of 46.6 percent, Wang said.
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