China’s imports to surpass $2t in 2018

2018-12-23
Xinhua

BEIJING — China’s total imports will likely exceed $2 trillion this year, setting a new record, a trade official said.

Song Xianmao, deputy director of the foreign trade department under the Ministry of Commerce, made the remarks at a trade meeting on Dec 22, adding that multiple measures will be taken to further expand imports in next year.

China lowered tariffs on an array of products from medicines to vehicles in 2018, with the general duty level down from 9.8 percent to 7.5 percent.

Customs data showed imports increased 14.6 percent year-on-year in the first 11 months, contributing more than 60 percent to foreign trade growth.

To continue the stable trend, the ministry pledged efforts to strengthen trade quality over the next year.

The second import expo scheduled for 2019 will create more opportunities for importers, and measures are in the pipeline to encourage imports of advanced technology, farm produce, consumer goods and services, Song said, adding that lower tariffs, easier customs clearance and improved car imports policies could also be expected.