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China mulls measures to boost imports

China mulls measures to boost imports

Updated: 2012-03-30 21:09


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BEIJING - China is considering a number of policies to boost the country's imports and improve its trade balance, according to a cabinet statement released Friday.

Adjustments to import tariffs and measures to facilitate fund-raising and customs clearance for import enterprises will be implemented, according a State Council, or cabinet, executive meeting presided over by Premier Wen Jiabao Wednesday.

China will cut import duties on some energy and raw material products, consumer products as well as some high-tech goods, the statement said.

It said the country will put more attention on increasing imports, which will help improve people's living standards and ease frictions with the country's trade partners.

The country will also encourage commercial banks to support the imports of high-tech technologies, equipment, key parts as well as energy and raw material products, it said.

Other policies will include measures to expand fund-raising channels of import firms, improve the cross-border trade settlement in the yuan, cut import costs and remove irregular restrictions.

China is now the world's largest exporter and the second-largest importer. The growth of its imports has recently outpaced exports as the country tries to increase domestic demand.

The countries' exports rose 18.4 percent from a year earlier to $114.47 billion in February, while imports were up 39.6 percent, the highest growth in 13 months, to $145.96 billion, according to customs data.