China Promises To “Actively Expand Imports”

By: EW News Desk Team   Date: 12 December 2011

About The Author

EW News Desk Team

Always on the look out for the latest news to monitor the state of the world economy.

EconomyWatch, News Desk Team

 

  • Dot Div
  •      
12 December 2011

China will further open its economy and “actively expand imports” in the coming years, said its President Hu Jintao to a high-ranking forum commemorating the country’s 10th anniversary of joining the World Trade Organization on Sunday. 

In a keynote speech entitled "China's Opening-Up Strategy toward the Future", Hu said that his government was committed to opening up the agricultural, services and cultural industries in the country, while adding that more emphasis would be placed on offering equal market access to all types of businesses.

The ultimate aim is to have balanced trade, with total imports expected to exceed $8 trillion over the next five years, said Hu.

"We will view expansion of imports as an important way to change the development mode of foreign trade…We will work hard to promote a balanced international balance of payments. We will not deliberately pursue a trade surplus,” added Hu, as cited by the BBC.

Related: The Chinese Economy

Related: China Trade, Imports and Exports

Related: China Economic Statistics and Indicators

Chinese imports have been on the rise over the last few years. In 2010, China imported goods worth $1.39 trillion. This year, the country has already imported $1.426 trillion of goods in the first 10 months alone.

According to Pascal Lamy, the Director-General of the WTO, "the commitments accepted by China as part of its entry into the WTO were very high. In fact, many went well beyond what other emerging economies accepted in the past.”

The WTO also praised China for its rapid ascension into becoming the world’s second largest economy, while claiming that the nation’s entry into the global trade organisation had been crucial in its transformation, with mutual benefits for China and the rest of the world.

"There can be little doubt that the accession of China to the WTO has brought about a significant transformation for China, for the rest of the world and for the multilateral trading system," said Supachai Panitchpakdi, secretary-general of the United Nations Conference on Trade and Development, as quoted by China Daily.

Related: China Economic Development

"China's general customs duty level has (also) dropped from 15.3 percent to 9.8 percent; having reached and surpassed the WTO's requirement for developing countries," added Hu, claiming that "the country has gained a solid external condition for economic development, and is extending its scope and depth,” since joining the WTO.

While lauding China’s achievements over the last 10 years, Lamy also called on China to play a more “proactive” role to help tackle a worsening global economic crisis.

"Now is the time to continue with the remarkable track record by accelerating domestic reform to raise the income of Chinese households, boost consumption, and strengthen the growth and development of the service sector,” said Naoyuki Shinohara, the deputy managing director of the International Monetary Fund, at the same conference.

Related: Can China Alone Save the Eurozone?

Related: Myths Debunked: Why China Will Have A Soft Landing: Stephen S. Roach

"Such a transformation should also benefit the world, as China becomes an even more important export destination for an expanding range of countries."


  • Dot Div
  •      

Most Popular in China Economy

Related Links
blog comments powered by Disqus