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China working on policies to expand imports: MOC

Updated: Apr 26,2018 9:02 PM     Xinhua

BEIJING — China is working on policies and measures to expand imports and ensure the success of the China International Import Expo (CIIE) later this year, said a spokesman for the Ministry of Commerce (MOC) on April 26.

“We will further reduce overall tax rates on imported goods,” MOC spokesman Gao Feng told a press conference.

Gao mentioned lowering import tariffs on automobiles and specific consumer goods for daily use, increasing the imports of niche products in high demand in the domestic market, as well as measures to enhance trade facilitation.

Speaking about the CIIE, Gao revealed that 61 countries will take part in the event slated for November in Shanghai, which will cover a combined floor space of more than 175,000 square meters.

As of April 24, 1,022 enterprises had signed up to attend the event, and nearly 100 of them are among the world’s top 500 enterprises or industry leaders, he said.

Some 34 percent of the companies come from developed countries, 34 percent from countries covered by the China-proposed Belt and Road Initiative, and 10 percent come from less developed countries.

Describing expanding imports as “a major step in China’s opening-up and integration into the world economy,” Gao said this will both meet public demand for better quality of life and achieve a balance of international payments under the current account.