China to Cut Import Duties
China, the world’s second-biggest importer, will cut import duties on selected energy products and raw materials as well as consumer goods to boost purchases, the State Council said in a statement on Friday.
The decision underlines Beijing’s intent to buy more from its trade partners to boost domestic consumption and comes after China posted its largest monthly trade deficit in at least a decade in February. It is the first time the State Council has devoted a regular meeting to the issue of boosting imports, which is usually the responsibility of the Ministry of Commerce. “As we maintain stable growth in exports, we should focus more on imports and appropriately expand its amount,” the State Council said in a meeting.
China, the world’s largest exporter, will have to rely less on exports to drive its economy in coming years, when growth in the U.S. and European markets is predicted to slow. Importing more will lift living standards and ease China’s disputes with its trade partners, according to the ministry. Read more here.
Date: April 4, 2012