As debt crisis hurts exports, China attempts to offset the worst effects
China is studying and launching concrete measures related to tax and procedures to increase imports. The move is part of a bid to enhance the country’s industrial competitiveness and balance of trade, said Zhong Shan, vice-minister of commerce on Thursday.
While the global debt crisis is hurting demand for Chinese goods and exports, “expanding imports will strengthen the competitiveness of the local industries, if appropriate moves are taken”, said Zhong during a keynote speech at the China Import Forum 2011 in Shanghai.
The country is stepping up efforts to research and draft six relevant measures, including “launching preferential tax and finance policies, simplifying and reducing relevant procedures, maturing domestic circulating channels and promoting (trade) fairs”, he said.
Meanwhile, the nation is also committed to optimizing the import structure, and importing more advanced technology, equipment and parts, resource-related and consumer goods in the next five years. Read more here.
