Econ­omy: Mul­ti­ple mea­sures to bol­ster im­ports, pro­tect patents

China Daily (Latin America Weekly) - - Top News -

Con­sump­tion con­trib­uted to 78 per­cent of the coun­try’s eco­nomic growth in the first three quar­ters of the year, and China’s 400 mil­lion mid­dle-in­come con­sumers are de­mand­ing more im­ports of high­qual­ity goods and ser­vices, ac­cord­ing to of­fi­cial data.

The Min­istry of Com­merce held its an­nual work con­fer­ence over the week­end, with Zhong Shan, the min­is­ter, vow­ing to con­tinue pro­mot­ing re­form and open­ing-up, ex­pand do­mes­tic con­sump­tion, ac­cel­er­ate de­vel­op­ment of pi­lot free trade zones and free trade ports, and en­hance bi­lat­eral and mul­ti­lat­eral eco­nomic co­op­er­a­tion next year.

Song Xian­mao, deputy di­rec­tor­gen­eral of the min­istry’s For­eign Trade De­part­ment, said the coun­try’s im­ports are ex­pected to ex­ceed $2 tril­lion this year, com­pared with $1.84 tril­lion last year, set­ting a record and mak­ing a greater con­tri­bu­tion to global trade.

“China will take mul­ti­ple mea­sures to fur­ther in­crease im­ports next year such as host­ing the sec­ond China In­ter­na­tional Im­port Expo and in­creas­ing im­ports of agri­cul­tural and re­source prod­ucts.”

China has signed co­op­er­a­tion deals with more than 130 coun­tries, re­gions and in­ter­na­tional or­ga­ni­za­tions on jointly de­vel­op­ing the Belt and Road, with 17 free trade agree­ments in­volv­ing 25 coun­tries and re­gions fi­nal­ized. The work con­fer­ence, presided over by Pres­i­dent Xi Jin­ping, called for con­tin­ued ex­pan­sion of eco­nomic open­ing-up.

Bernard De­wit, chair­man of the Bel­gian-Chi­nese Cham­ber of Com­merce, said, “It is re­as­sur­ing to learn that Pres­i­dent Xi reaf­firmed in the speech that he em­pha­sized among other sub­jects that China had pushed for­ward re­form and open­ing-up in 2018 and main­tained sus­tained and healthy eco­nomic de­vel­op­ment. It is re­as­sur­ing to learn that China will con­tinue in that direc­tion in 2019.”

He added that it is im­por­tant for the out­side world to have a China with a more open econ­omy and mar­ket, as well as a so­cially sta­ble coun­try.

China and the United States con­ducted vice-min­is­te­rial-level calls on Fri­day and achieved fresh progress on is­sues of mu­tual con­cern, in­clud­ing trade im­bal­ances and strength­en­ing of in­tel­lec­tual prop­erty rights pro­tec­tions, the Min­istry of Com­merce said in an on­line state­ment re­leased on Sun­day.

The calls came as China’s Cen­tral Eco­nomic Work Con­fer­ence de­cided to “push for­ward Si­noUS eco­nomic and trade ne­go­ti­a­tions”.

Con­tact the writ­ers at wangyan­[email protected]­nadaily.com.cn

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