China to expand imports of technology and equipment

China's trade surplus has grown rapidly in recent years, triggering a series of problems and contradictions. The Chinese government plans to expand imports of advanced technology and equipment to try to alleviate the excessive trade

surplus, said Wei Jianguo, Vice Minister of Commerce and the Director of the State Office of Imports and Exports of Machinery and Electronic Products, speaking at the State Industries Machinery and Electronic Technology Commerce Working Conference.

The Ministry of Commerce will work with relevant departments to expand imports of advanced technology and equipment by doing the following things: promulgating the policy of expanding imports of advanced technology and equipment as quickly as possible; increasing imports from countries with which China has a trade surplus; adding an import function to large exhibitions; further simplifying import procedures; improving import regulations; regulating the order of the import market and more. Advanced technology and equipment for Integrated Circuit (IC) manufacturing equipment is needed urgently, as is high fibre equipment, machine tools of high performance and numerical control and so on will be supported. The import of technology and tools related to saving energy will be encouraged.

Wei said the key is to optimize the export structure and change the growth mode of foreign trade. He said that the utilization ratio of the most advanced technology and equipment in China is low, and there is plenty of room to expand imports of advanced technology and equipment.

In the meantime, the country's foreign exchange reserves will provide a solid foundation for expanding imports. RMB appreciation is also conducive to further reducing import costs. This year, China should strive to expand imports from the US, Russia and other important nations, promote international exchanges and cooperation, as well as advanced technology imports in the areas of environmental protection and energy saving.

Report:Macro