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China’s imports to exceed USD 2 trln in 2018
2018/12/24 06:51:59
China's News, China's Financial News, imports

Dec 24, 2018 (China Knowledge) - Song Xianmao, deputy director of the foreign trade department of the ministry of commerce has said, last Saturday in Beijing, that China's imports are expected to exceed USD 2 trillion this year, which will be a record high.

The surge in imports is related to China's expansion of imports this year. Since 2018, China has repeatedly lowered import tariffs on consumer goods, from 9.8% to 7.5%. In addition, the first China International Import Expo also played a positive role in boosting imports.

In 2019, China will take a number of measures to further increase imports. Song Xianmao said that these measures include carefully preparing for the second Expo to create more import opportunities for domestic enterprises. The government will continue to optimize the structure of imported commodities, expand imports of advanced technology and key components, and safeguard the upgrading of industrial structure. It also aims to increase imports of agricultural products and resource products to ensure market supply; increasing imports of consumer goods, old-age rehabilitation care and other products to promote construction. Imports of producer services such as design, trade and logistics, R&D design, energy conservation and environmental protection will enhance the competitiveness of the industry and foster new national demonstration zones for promoting import trade.

Deputy director also said that next year China will further promote tariff reduction and customs clearance facilitation. In addition, China will strive to reduce the institutional transaction costs of imports and make efforts to solve the problems of high import customs clearance costs, long time and complicated procedures.

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