BUSINESS China's imports to surpass two trillion USD in 2018

BUSINESS

China's imports to surpass two trillion USD in 2018

CGTN

05:39, December 24, 2018

24031209h8lm.jpg

China's total imports will likely exceed two trillion U.S. dollars this year, setting a new record, a trade official said. (Photo: CGTN)

Song Xianmao, deputy director of the foreign trade department under the Ministry of Commerce, made the remarks at a trade meeting Saturday, adding that multiple measures will be taken to further expand imports in next year.

China lowered tariffs on an array of products from medicines to vehicles in 2018, with the general duty level down from 9.8 percent to 7.5 percent.

Customs data showed imports increased 14.6 percent year on year in the first 11 months, contributing more than 60 percent to foreign trade growth.

To continue the stable trend, the ministry pledged efforts to strengthen trade quality over the next year.

The second import expo scheduled for 2019 will create more opportunities for importers, and measures are in the pipeline to encourage imports of advanced technology, farm produce, consumer goods and services, Song said, adding that lower tariffs, easier customs clearance and improved car imports policies could also be expected. 

Related Stories

Terms of Service & Privacy Policy

We have updated our privacy policy to comply with the latest laws and regulations. The updated policy explains the mechanism of how we collect and treat your personal data. You can learn more about the rights you have by reading our terms of service. Please read them carefully. By clicking AGREE, you indicate that you have read and agreed to our privacy policies

Agree and continue