by Staff Writers
Shanghai (AFP) April 30, 2012
Beijing on Monday unveiled guidelines aimed at boosting imports, just days ahead of a key meeting with the United States expected to address China's politically sensitive trade surplus.
The powerful State Council, or cabinet, said China would "appropriately" increase the scale of imports to encourage more balanced trade and reduce trade friction, according to a document posted on the central government website.
China would boost imports of hi-tech equipment, key components and energy products, said the document.
China's massive trade surplus with the United States is controversial and US officials have long accused Beijing of keeping the value of its currency artificially low to boost exports.
The two countries will hold talks on Thursday and Friday expected to address a range of issues, including complaints about China's trade practices.
They have a number of outstanding trade disputes, including accusations by US companies that Chinese firms are dumping solar products in the American market.
The US trade deficit with China reached a record high of more than $295 billion in 2011, according to US figures.
China defends its exchange rate regime, saying it is moving gradually to make its currency more flexible. Earlier this month, China loosened some controls over the yuan by allowing a broader trading band.
Beijing has also called on the United States to loosen its controls on exports of hi-tech products to China, some imposed to prevent sensitive US technology from being used for military applications.
The State Council said boosting imports would help increase domestic consumption as the government seeks other drivers for the economy besides exports and state spending.
The government would support the drive by cutting import taxes on products China lacks or cannot produce, while offering financing to support imports, it said.
China's overall trade surplus narrowed to $155.14 billion last year from $181.51 billion in 2010, according to official figures, and economic woes in key overseas markets are expected to further shrink the trade gap.
Global Trade News
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US urges financial reform in China ahead of talks
San Francisco (AFP) April 26, 2012
The United States on Thursday urged China to undertake financial reform that would help to level the playing field between the two largest economies, in advance of high-level talks next week. "Financial reform in China will help reduce one of the main advantages China's state-owned enterprises have in competing with US companies," Treasury Secretary Timothy Geithner said in a San Francisco s ... read more
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