China cuts red tape, unveils measures to boost imports
Print Edition
CHINA will cut red tape and ease measures, including easier credit, in a major boost for imports and facilitate investment, the State Council has said in a policy decision.
The new measures are part of the ongoing reforms aimed at reducing administrative bureaucracy and relegating power to lower levels.
The Cabinet has ordered governments at all levels to strengthen efforts in bolstering imports to ensure supply in the domestic market, improve quality of products and accelerate China’s economic transformation.
Banks have been told to expand credit support for imports of high-tech equipment and key components, while encouraging importers to keep a stable storage of energy resources.
It also suggested “reasonable” expansion of consumer goods and said more agreements will be signed to allow imports of seafood, fruit, beef and mutton.
Consulting, research, designing and other knowledge-based services will be supported and new models of administration will be established to meet the demand.
The State Council also said imported cars by dealers other than appointed agencies can now be sold in the China (Shanghai) Pilot Free Trade Zone and will be treated as those sold through regular distribution channels, which means lower prices and better services.
China’s imports expanded only 1.3 percent from a year earlier in the first three quarters, while exports rose 5.1 percent.
“The policy reform will help bring down the cost for investors wanting to set up new businesses. It will also encourage investment and contribute to the development of new industries as well as employment,” Shi Tiantao, a professor at the Beijing-based Tsinghua University, told the Xinhua news agency.
“The measures will loosen the government’s over-reliance on administrative approval power and tackle corruption through power abuse at the source,” said Liu Junhai, a commerce law researcher at Renmin University.
The National Development and Reform Commission, the nation’s top government agency in charge of economic planning, also announced on Tuesday that it would reduce restrictions on foreign investment and give them more access to domestic industries.
Others warned that the government will relax its control over malpractice.
A new regulation on corporate information disclosure, which took effect in October, puts companies’ information in the public realm, meaning businesses are now under close public scrutiny.
Zhao Xudong, a professor at the China University of Political Science and Law, said that even though preceding approval procedures were relaxed and market access was eased, stricter market supervision would ensue.
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