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"China's soaring trade surplus has brought a series of problems in recent years. And the Chinese government is seeking the solution by increasing high-tech imports in an attempt to narrow the surplus," said Wei Jianguo, vice minister of commerce and director of the national mechanical and electrical products import and export office at a recent business meeting about mechanical and electrical products.

It is said that five measures will be taken by the Ministry of Commerce and other relevant ministries to boost high-tech equipment imports. These measures include increasing high-tech equipment imports and imports from countries with which China has a trade surplus, realizing imports through large-scale exhibitions, simplifying import application procedures, perfecting import management laws and regulating import market order.

Some badly needed equipment in China such as devices for the manufacturing of integrated circuit, high-end chemical fibre, and high-performance electronically-controlled machine tools will be prioritized in the import list. The government also encourages imports of energy-saving devices and new technologies.

According to Wei, solutions to international trade imbalances are not only about increasing imports and decreasing exports, but also about optimizing export structure and transforming the mode of foreign trade increase.

He also noted that most sectors in China are not equipped with advanced devices, leaving a huge room for high-tech imports.

At the same time China's foreign reserves will be a strong backer in the purchasing process. And the appreciation of the renminbi is reducing the cost of imports. This year, China will focus on imports from the US, Russia and some other key countries in order to promote international communication, cooperation and advanced technologies imports in the field of energy-saving and environmentally-friendly products.

(For more biz stories, please visit Industry Updates)