Becoming top importer way to advance, balance growth
Source: Xinhua |
June 12, 2012, Tuesday
|
Print Edition
Print Edition
IN the face of prolonged weakness in the external market, the world's largest exporter is pinning its hopes on import growth to maintain trade balance and sustain recovery.
Minister of Commerce Chen Deming said yesterday that despite some recovery in May's trade figures, China's foreign trade condition is still "grim" and that the country will put more emphasis on import expansion at present and in the coming period.
China might be able to maintain 10-percent growth this year "if we're lucky," Chen said on the sidelines of a national conference on imports.
In the wake of profound changes in the global market, China's foreign trade development has entered a new stage in which equal emphasis should be placed on both exports and imports, Chen said.
The decision to expand imports will not be made out of sheer expediency, but as an important step for China's development, as import growth will enhance economic balance, support structural adjustment, increase consumption and crack China's development bottleneck, he said.
Chen said the government will further facilitate imports by implementing preferential charging policies, as well as strictly managing import charges. Domestic circulation enterprises are encouraged to take part in import-related business, he said.
Local authorities will work together to create more favorable policies to boost imports, Chen said. More import promotion activities will be held and financial, tax and fiscal support will be strengthened for Chinese importers, he said.
The value of China's imports jumped to US$1.74 trillion in 2012 from US$295.3 billion in 2002, according to data from the Ministry of Commerce.
China's foreign trade rose 14.1 percent year on year to US$343.58 billion in May, rebounding from the 2.7 percent growth registered in April, with imports rising 12.7 percent to US$162.44 billion, according to customs data.
The Ministry of Commerce expects China to overtake the United States as the world's largest importer, with the value of imported goods expected to exceed US$8 trillion in the 2011-2015 period.
Li Jian, a researcher with the Ministry of Commerce, said boosting imports while stabilizing exports will be a long-term strategy for China as the country aims to reduce its trade surplus and realize balanced trade for healthier economic development.
Minister of Commerce Chen Deming said yesterday that despite some recovery in May's trade figures, China's foreign trade condition is still "grim" and that the country will put more emphasis on import expansion at present and in the coming period.
China might be able to maintain 10-percent growth this year "if we're lucky," Chen said on the sidelines of a national conference on imports.
In the wake of profound changes in the global market, China's foreign trade development has entered a new stage in which equal emphasis should be placed on both exports and imports, Chen said.
The decision to expand imports will not be made out of sheer expediency, but as an important step for China's development, as import growth will enhance economic balance, support structural adjustment, increase consumption and crack China's development bottleneck, he said.
Chen said the government will further facilitate imports by implementing preferential charging policies, as well as strictly managing import charges. Domestic circulation enterprises are encouraged to take part in import-related business, he said.
Local authorities will work together to create more favorable policies to boost imports, Chen said. More import promotion activities will be held and financial, tax and fiscal support will be strengthened for Chinese importers, he said.
The value of China's imports jumped to US$1.74 trillion in 2012 from US$295.3 billion in 2002, according to data from the Ministry of Commerce.
China's foreign trade rose 14.1 percent year on year to US$343.58 billion in May, rebounding from the 2.7 percent growth registered in April, with imports rising 12.7 percent to US$162.44 billion, according to customs data.
The Ministry of Commerce expects China to overtake the United States as the world's largest importer, with the value of imported goods expected to exceed US$8 trillion in the 2011-2015 period.
Li Jian, a researcher with the Ministry of Commerce, said boosting imports while stabilizing exports will be a long-term strategy for China as the country aims to reduce its trade surplus and realize balanced trade for healthier economic development.
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