China promises more imports

Chinese leaders promised Wednesday to increase imports and reduce risks in their financial system amid slowing economic growth and pressure from Washington and Europe to open their markets wider.

A statement issued after a three-day planning meeting contained no new initiatives and was in line with the ruling Communist Party’s plans to make the economy more efficient while also building up state industries.

The Central Economic Work Conference, led by President Xi Jinping, is a throwback to China’s era of central planning and plays an important role in setting development goals for the state-dominated economy.

The statement promised to increase imports amid efforts to spur economic growth driven by domestic consumer spending and reduce reliance on trade and investment. It gave no indication Beijing planned changes in response to complaints that US, European and other foreign companies are shut out of a wide range of industries.

“China vows to increase imports and cut import tariffs for some products to promote balanced trade,” the official Xinhua News Agency said.

The government announced tariff cuts in November on consumer goods including avocados, mineral water and baby carriages in what it said was an effort to “enrich domestic consumption choices.” Wednesday’s statement promised further steps to trim surplus industrial production that is straining trade ties with the United States and Europe, which complain China is flooding global markets with low-cost steel and aluminum, driving down prices and threatening jobs. Washington has responded by hiking import duties on some products. /