China, the world's second largest importer, will cut import duties on some energy products, raw materials, consumer goods closely related to people's daily lives, and key spare parts that China does not produce, said the State Council on March 30.
It is the first time the State Council has devoted a regular meeting to the issue of boosting imports, which is usually the responsibility of the Ministry of Commerce.
The decision, coming after China posted its largest monthly trade deficit in at least a decade in February, underlines the country will buy more from its trade partners to boost domestic consumption.
"As we maintain steady growth in export, we should focus more on import and appropriately expand its amount," said the State Council.
China will also encourage importers to buy more from countries that have free trade agreements with China, such as Pakistan, New Zealand and member countries of the Association of Southeast Asian Nations.
Experts said the new move is expected to reduce China's trade surplus by increasing imports, which may help reduce trade frictions with other countries. |