China will actively expand imports, significantly lower the import tariffs for vehicles and reduce import tariffs for some other products this year as it aims to further open up its markets, said Chinese President Xi Jinping at the Boao Forum for Asia (BFA) annual conference on Tuesday.
"We will take the initiative to expand imports," Xi said when delivering a keynote speech at the BFA opening ceremony. The four-day event, themed "An Open and Innovative Asia for a World of Greater Prosperity," is being held in southern China’s Hainan Province on April 8-11.
The country will work hard to import more products that are competitive and needed by the Chinese people, he added.
China will also seek faster progress toward joining the WTO Government Procurement Agreement, according to the president.
China will increase its imports and cut import tariffs for certain products in a bid to promote balanced trade and further open up its markets, said Xi.
To encourage imports, China will host the first China International Import Expo in Shanghai on November 5-10 this year and will lower import tariffs on products including automobiles and certain daily necessities.
"It is not just another expo in an ordinary sense, but a major policy initiative and commitment taken of our own accord to open up the Chinese market," Xi said, adding that friends from around the world are welcome to participate in the Expo.
Still, China hopes developed countries will stop imposing restrictions on normal and reasonable trade of high-tech products and relax export controls on such trade with China, according to the president.
Sources:CGTN
Sources:CGTN
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