China, the world’s second-biggest importer, will cut import duties on some energy and raw materials products as well as consumer goods to boost purchases, the Chinese Cabinet said in a statement yesterday.
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 last month.
It is the first time China’s Cabinet has devoted a regular meeting to the issue of boosting imports, which is usually under the purview of China’s Ministry of Commerce.
“As we maintain stable growth in exports, we should focus more on imports and appropriately expand the size of imports,” the State Council said in a meeting chaired by Chinese Premier Wen Jiabao (溫家寶).
China, the world’s largest exporter, will have to rely less on exports to drive its economy in coming years, when growth in major US and European markets slows.
Importing more will lift living standards and soothe China’s disputes with its trade partners.
Chinese Vice Premier Li Keqiang (李克強) said earlier this month China will import US$10 trillion worth of goods and services in the five years ending 2015.
To boost imports, China’s Cabinet said it will cut import duties for “some energy products, raw materials, consumer goods closely related to people’s daily lives and key items that China does not produce.”
China’s import duties for energy products are generally low. For instance, China charges an import duty of 1 percent for mainstream gasoline products and has a zero import tax policy for diesel.
Beijing will also encourage importers to buy more from countries that have free-trade deals with China, such as the Association of Southeast Asian Nations, Pakistan and New Zealand.
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