Blueprint to increase imports drawn
Updated: 2006-12-16 09:39
China has mapped out a plan to boost its imports to reduce its huge trade
surplus, the Ministry of Commerce (MOC) said on Friday."We
will continue to give duty-free status to imports from the least developed
countries and expand imports from them," a MOC official told Xinhua.
measures include increasing imports of large machinery components, advanced
technology and resource-intensive goods, signalling a strategic transformation
for China to embrace a larger influx of foreign goods and capital.
announcements follow the signing of four business contracts between China and
the United States on Wednesday, involving a US$550 million aircraft engine deal
with GE Aviation and the US retailer Home Depot's acquisition of Chinese home improvement store Home
"China has made the right choice to expand its imports as it will
help the country satisfy the demands of its rapidly developing economy," said
Tang Min, chief economist with the Asian Development Bank.
exports have rocketed from US$245 billion to the estimated US$800 billion in
2006 since its accession to the World Trade Organization in 2001.
Meanwhile, China's trade surplus hit a new high of US$157 billion in the
first 11 months of the year.
The growing gap has led to increased trade
friction and more pressure from the United States for an appreciation of the
Zhang Junsheng, a professor with the WTO research institute at the University of International
Business and Economics in Beijing, said an increase in imports would help redress the
trade imbalance and optimize the structure of the mounting foreign reserve.
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