China is trying to bolster imports to more than US$1 trillion by
2010 - up more than 25 percent from US$792 billion last year - in
an attempt to balance trade, the Ministry of Commerce said
yesterday.
The projected 2010 imports figure is almost equal to the
country's total trade volume in 2004.
To restructure the country's exports and narrow its widening
trade surplus with major trade partners - which hit US$177.5
billion last year - the government has adopted a range of measures
to curb exports.
In the latest and boldest move yet to rein in exports, the
country announced that it will eliminate or cut tax rebates for
more than 2,800 export items effective July 1.
Export tax rebates for 553 categories, such as cement,
fertilizer and non-ferrous metals, will be eliminated. Rebates for
another 2,268 products, described as "easy to trigger trade
frictions", will be slashed from 8-17 percent to 5-11 percent. They
include garments, toys, steel products and motorcycles.
The reduction of export tax rebates on resource-intensive and
polluting products is necessary for China's own development, Wang
Xinpei, spokesman for the ministry, said.
"China has never pursued a big trade surplus. The current
surplus is a result of international demand and supply."
(China Daily June 29, 2007)