China to Continue Efforts to Increase Imports
China will continue to take steps to expand imports, including further reducing tariffs, the China Ministry of Commerce said during a Dec. 26 press conference. “Expanding imports is one of the important connotations of promoting the high-quality development of trade,” a ministry spokesman said, according to an unofficial translation. “The reduction of import tariffs will help to form a new pattern of balanced, coordinated and sustainable trade development, and will promote the coordinated development of trade and industry. We will continue to take active measures to promote the orderly and free flow of international and domestic factors, the efficient allocation of resources, and the deep integration of domestic and foreign markets.” China recently said it would reduce tariffs on more than 850 items in 2020 (see 1912230051).
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The spokesman also highlighted other efforts to expand imports to China. For example, China plans “to cultivate a number of import trade demonstration zones for innovation,” the spokesman said. “We will give play to our policy advantages, encourage innovation in the regulatory system, service functions, and trading models. By fostering import and export distribution centers, we will promote the construction of import trade innovation platforms and continuously improve the radiant role of demonstration areas.” The country will also “actively promote the full implementation of the [World Trade Organization] Trade Facilitation Agreement,” he said. “At present, the implementation rate of the Agreement has reached 96.2%. The remaining measures will be fully implemented by February 22, 2020, and the level of trade facilitation will be further improved.”
The spokesman also said that during the recent China-Japan-Korea Leadership Meeting, the three countries agreed to “accelerate the China-Japan-Korea Free Trade Area and [Regional Comprehensive Economic Partnership] negotiations.”