China outlines plans to spur imports

China has announced new measures to boost imports including high-tech equipment and consumer goods in a bid to improve the structure of the country’s economy.

“Banks and financial institutions are encouraged to strengthen credit support [for firms to] broaden imports of high-tech equipment and key machinery components,” said the Chinese State Council in a statement on November 6, unveiling eight measures to spur imports.

The government has also urged domestic firms involved in energy and resources to “quicken overseas investment” to stabilise the supply of imports in those sectors, according to the statement. China will also “increase reasonably the import of general consumer goods”, quickening approvals for goods such as seafood, fruits and meat, added officials.

The eight measures “can help increase supply to satisfy domestic demand, improve product quality, facilitate innovations and upgrade the economic structure,” said the council.

Beijing will also “broaden the import of services” including those in consultancy, energy conservation, research and development, by collaboration with other countries, the council said, adding the government would “actively” set up more trade agreements with other jurisdictions.