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Economy · Macro · Primary Industry
China to increase imports from U.S. based on 'market principles'
2020/01/20 05:00:12
Market principles, Trade deal, Tariffs, agricultural

Jan 20, 2020 (China Knowledge) - According to market principles, China will negotiate with American companies and increase the imports of U.S. goods and products, an official with its state planner said on Sunday.

The US has high-quality supplies of medical care, financial services, energy, manufactured and agricultural goods, said Meng Wei, spokesperson for China’s National Development and Reform Commission (NDRC), at a press conference on Sunday.

China will raise purchases of U.S. goods and services by USD 200 bln over two years for a trade-off for the reduction of some tariffs under an initial trade deal between the two countries.

Chinese Vice Premier Liu He said the deal would not impact “third parties’ interests”, which apparently points to the deals made with other suppliers of farm goods.

U.S. agricultural goods will be imported by Chinese companies according to consumers’ needs, and demand and supply in the market, Liu told reporters, according to CCTV.

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