China’s State Council agreed on a list of measures that will boost the country’s imports in areas of manufacturing and consumer goods, state media reports, though details and schedules were not provided.
An executive meeting of the cabinet chaired by Premier Li Keqiang resulted in pledges to import more daily consumer goods, medicine and nursing facilities, as well as cut import taxes and impose price controls for the benefit of households. Red tape surrounding customs clearance procedures will also be cut, the meeting concluded, and a credit information system in foreign trade and further guarantees of intellectual property rights will be instituted.
“Expanding imports is crucial for upholding free trade. Priority should be given to meeting needs of everyday life and boosting trade in services,” said Li. “Our deficit in services trade may be turned into a catalyst for the upgrading of the services sector.”