MercoPress. South Atlantic News Agency

China ready to implement lower tariffs to boost imports

The target now is a “balanced trade” said Zhong Shan, Vice-minister of Commerce

China will reduce import tariffs on a range of products and further cut red tape involved in import application procedures, to “maintain balanced trade” according to statements from a senior official to a local newspaper.

“We will launch a series of measures to stimulate imports this year, including adjusting tariffs on some categories of goods and further simplifying the administrative process,” Zhong Shan, vice-minister of commerce, told China Daily on the sidelines of the East China Fair, which opened in Shanghai.

Last December Commerce minister Chen Deming advanced during a commerce work conference that an important task for the ministry in 2011 would be to boost imports. A forum dedicated to issues concerning imports is scheduled to take place in late March.

Zhang Xiaoji, a top trade researcher at the Development Research Centre, a think tank affiliated to the State Council, said there is plenty of scope to slash tariffs on certain categories, including luxury goods.

Huo Jianguo, director of the Chinese Academy of International Trade and Economic Cooperation under the Ministry of Commerce, said import tariffs on resources are comparatively low, but the government could consider reducing tariffs on high-tech goods.

The ministry said at the December conference that China will issue guidelines to promote imports of mechanical and electrical products, especially those related to new energy, energy saving, high-end manufacturing, low-carbon technology, aerospace, shipbuilding and railways.

China's trade surplus narrowed 53.5% to 6.46 billion USD in January, the lowest level in nine months, amid government efforts to boost imports and domestic consumption. Imports surged 51% to 144.3 billion USD while exports rose by 37.7% to 150.7 billion USD according to the General Administration of Customs.