China to boost import to balance foreign trade

May 1st, 2012 - 4:33 pm ICT by IANS  

Beijing, May 1 (IANS) China has called for increasing imports and stabilising exports in order to promote a more balanced growth in foreign trade, a media report said Tuesday.

China’s cabinet, the State Council, said in a guideline posted on its website Monday that the country will stabilise its import of commodities, but increase import of advanced technology and equipment, key components and parts and raw materials, the China Daily reported.

Import of consumer goods will also be increased “appropriately”, the guideline said.

It said increased imports and balanced development of foreign trade will accelerate scientific and technological innovation and improve people’s consumption.

Currently, China is the world’s second-largest importer. It has been the world’s largest exporter since 2009, when it overtook Germany.

This year, China saw a $670-million trade surplus in the first quarter, with imports reaching $160.31 billion, according to government data.

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