China to boost imports for bet­ter trade, con­sump­tion

The Myanmar Times - Weekend - - International Business -

CHINA will take a slew of in­cen­tives to fur­ther boost imports so as to drive do­mes­tic in­dus­trial up­grad­ing and bet­ter meet the in­creas­ingly di­ver­si­fied con­sump­tion de­mands of peo­ple, the State Coun­cil de­cided at an ex­ec­u­tive meet­ing chaired by Pre­mier Li Ke­qiang on Wed­nes­day.

These mea­sures are ex­pected to ad­vance China’s win-win strat­egy of open­ing up. Ex­pand­ing imports while keep­ing ex­ports sta­ble will help raise sup­ply qual­ity and up­grade con­sump­tion.

The Chi­nese govern­ment puts great em­pha­sis on boost­ing imports. Pre­mier Li Ke­qiang stated in the Govern­ment Work Re­port in March that China will ac­tively ex­pand imports and lower import tar­iffs on goods such as au­to­mo­biles and ev­ery­day con­sumer prod­ucts to pro­mote in­dus­trial up­grad­ing and more bal­anced de­vel­op­ment of trade and fur­ther di­ver­sify con­sumer choices.

China has made no­table achieve­ments in for­eign trade since re­form and open­ing up. The coun­try has been the world’s largest ex­porter and sec­ond largest im­porter of goods for nine con­sec­u­tive years, and is now the world’s largest im­porter of en­ergy re­sources.

“Ex­pand­ing imports is cru­cial for up­hold­ing free trade. Pri­or­ity should be given to meet­ing needs of ev­ery­day life and boost­ing trade in ser­vices,” Li said, “Our deficit in ser­vices trade may be turned into a cat­a­lyst for the up­grad­ing of the ser­vices sec­tor.”

The Wed­nes­day meet­ing has de­cided that more sup­port will be given to im­port­ing daily con­sumer goods, medicine, as well as nurs­ing and re­ha­bil­i­ta­tion fa­cil­i­ties to meet de­mand of con­sump­tion up­grad­ing and im­prove sup­ply qual­ity. The govern­ment will also cut import tax on par­tic­u­lar goods and re­duce in­sti­tu­tional pro­ce­dures and un­rea­son­able price in­crease, so that con­sumers can ben­e­fit from these import duty cuts.

Trade in emerg­ing ser­vices will be boosted, and imports of pro­ducer ser­vices cov­er­ing re­search and de­sign, trade lo­gis­tics, con­sult­ing ser­vices, en­ergy con­ser­va­tion and en­vi­ron­men­tal pro­tec­tion will be en­cour­aged.

Poli­cies on duty-free shops will be made more flex­i­ble with more du­tyfree prod­ucts in­tro­duced and shop­ping ex­pe­ri­ences im­proved. Imports of tech­no­log­i­cal fa­cil­i­ties needed for do­mes­tic in­dus­trial up­grad­ing will be sup­ported.

The meet­ing also calls to op­ti­mize cus­toms clear­ance pro­ce­dures and pro­mote Au­tho­rized Eco­nomic Op­er­a­tor (AEO) mu­tual recog­ni­tion with other coun­tries to bet­ter fa­cil­i­tate imports. New ap­proaches to im­port­ing trade were called for at the meet­ing, and cross-border e-com­merce and border trade will be fur­ther de­vel­oped. At the same time, a credit in­for­ma­tion sys­tem in for­eign trade as well as en­hanced in­tel­lec­tual prop­erty rights pro­tec­tion are needed so that for­eign trade and for­eign in­vest­ment will com­ple­ment one another.

“Our ini­tia­tive of boost­ing imports demon­strates China’s com­mit­ment to a new round of high-stan­dard open­ing up, to eco­nomic re­struc­tur­ing, and to eco­nomic trans­for­ma­tion and high­qual­ity de­vel­op­ment,” Li said.

The April sta­tis­tics from the Gen­eral Ad­min­is­tra­tion of Cus­toms show a good mo­men­tum of China’s for­eign trade in the first quar­ter of this year. Trade in goods to­taled 6.75 tril­lion yuan, up 9.4 per­cent year-on-year, and the trade sur­plus dropped 21.8 per­cent. – China Daily

Em­ploy­ees work on a Si­a­sun Ro­bot & Au­to­ma­tion Co Ltd ro­bot pro­duc­tion line in Shenyang, Liaon­ing prov­ince. Photo: China Daily

Newspapers in English

Newspapers from Myanmar

© PressReader. All rights reserved.