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The Chinese government on Monday called for more attention toincreasing imports while stabilizing exports in order to promotemore balanced and sustainable growth in foreign trade. In a clear signal to encourage imports, the State Council, China'sCabinet, said in a guideline posted on its website that China willstabilize its imports of commodities and actively increase theimports of advanced technology and equipment, key components andparts, as well as resources and raw materials. Imports of consumer goods will also be increased "appropriately,"according to the 18-clause guideline. Increased imports and the balanced development of foreign tradewill ease domestic pressures for the resources and environmentalsectors, accelerate scientific and technological innovation,improve people's consumption and reduce trade frictions, said theguideline. "[Such moves] are of great strategic importance," it said. Currently, China is the world's second-largest importer, and it hasbeen the world's largest exporter since 2009 when it overtookGermany to grab the title. China targets 10-percent annual growth in its foreign trade thisyear to further improve its international balance of payments,sharply down from 22.5 percent last year when China's imports andexports hit 3.64 trillion U.S. dollars. China saw a 670-million-U.S.-dollar trade surplus in the firstquarter, with imports reaching 160.31 billion dollars, according tocustoms data. In the first quarter, China's imports and exports expanded 7.3percent from a year ago to reach 859.37 billion U.S. dollars,marking the slowest pace since the fourth quarter of 2009 andshowing a growth rate that was 22.3 percentage points lower thanthat in 2011. According to the guideline, China will encourage imports from theleast-developed countries within multi-lateral trade rules withfaster tariff cuts, and it will expand imports from developingcountries. China will lower import tariffs for some resources and rawmaterials with provisional tax rates and "appropriately" bring downimport tariffs for some goods that are closely linked with people'sdaily life, the guideline said, without giving further details. The adjustment in duties on some advanced technology and equipmentand key components will be done at an appropriate time, it said,adding that China will continue to implement duty-free treatmentpolicies for imports from those least-developed countries and widenthe duty-free treatment for more goods. Chinese enterprises are encouraged to widen imports with tradingpartners that have already signed free-trade pacts with China,according to the guideline. The government will also allocate more funds to support increasingimports and offer interest discounts to products under the state'sencouraged lists. The guideline also vowed to offer diversified financial stimulisuch as credit support, financing facilitation, commercialinsurance and cross-border trade settlement in Renminbi, or theyuan, to increase imports. On Friday, the Ministry of Commerce (MOC) warned in a report thatChina's foreign trade this year faces situations "far fromoptimistic" due to thwarted global demand, rising costs at home anda harsh trading environment. After trade growth slowed for a second consecutive quarter in theJanuary-March period, China's trade will continue to grow at a slowpace in the second quarter, the MOC report said. We are high quality suppliers, our products such as GPS Monitoring Solutions Manufacturer , Vehicle GPS Tracking Software Manufacturer for oversee buyer. To know more, please visits GPS Personal Trackers.
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