Ministry of Commerce will Release Supporting Policies on Import

The journalist learned from the Interpretation Seminar of China’s Import Stimulus that held on August 18, 2010 that the Ministry of Commerce is in the process of making supporting policies on import and those relevant policies will be released in the near future.<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

Recently, Shanghai Imported Commodities Exhibition Trade Centre, which is the first service platform for promoting import in China, has been founded in Pudong and will be in operation in the first quarter of next year.

Wei Jianguo, the general secretary of China International Economic Exchange Centre and the former vice minister of Ministry of Commerce, indicated that this is the first time in China to establish a import-orientated exhibition centre in an important port as Shanghai. It shows a significant change of <?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" />China’s trade policy from purely encouraging export to emphasizing the balance of export & import.

Even though there was a trade surplus of USD28.7 billion caused by a soft import market in July, Wei Jianguo estimated that the annual trade surplus will be reduced at around USD50 billion to USD100 billion.

An expert from the Ministry of Commerce told the journalist that the Ministry of Commerce has released many individual supporting policies on import, including the cancellation on importing quota. The expert also claimed that the following supporting policies on import will be a positive move, ‘such as holding import forums and the function of sending purchasing delegation is even more influential’.

Yao Jian, the spokesman of Ministry of Commerce, revealed that the 2010 China Import Forum will be held in Beijing this September and investment discussing conference in Xiamen will also include the information on supporting import.

Establish the First Importing Platform

Gao Youhan, the counsellor of the mission of European Union to China, is optimistic towards a series of measures on supporting import and believes that Shanghai Imported Commodities Exhibition Trade Centre will exert positive influence on accelerating the process of EU products entering Chinese market and balancing the EURO100 billion annual surplus against European Union.

An officer from Shanghai Ministry of Commerce pointed out that the commodities that exhibited in the exhibition centre have the benefit of tax reduction. This measure can promotion sales of those products in China.

The Pace of Trade Balance is Accelerating

Yao Jian said, ‘When most people pay attention to export, the Ministry of commerce consistently believes that the development of import can not only exerts significant influence on economic restructure, but will also be advantageous to the sustainable development of conserving energy in the future. Therefore, policies and measures as well as policy guidance will steadily follow this direction.’

Wei Jianguo believes that we will be experiencing a monthly trade deficit in the next few months after the small amount of surplus in March. It is estimated that the annual trade surplus might be maintained the trend of downward under the influence of China’s supporting policies on import.

And the shift of foreign trade policy from promoting export to gradually increase import will be beneficial to exploit China’s significant influence as a large country. Wei Jianguo said that some delegates from ASEAN countries in the ASEAN trade conference told him, China helped their countries during global financial crisis in 2008 to avoid heavy losses by increasing its import.

Wei Jianguo stated that China is expected to consider what and where we should import commodities from. Take the example of the need of importing environment protection facilities and technologies for conserving energy. Wei said that, ‘we must spare no efforts in importing those commodities that can also promote re-innovation’.