Import expansion strategy benefits world economy

    Updated: 2011-10-16 15:32

    (Xinhua)

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    As the world's second-largest importer, China has become a major export destination for Japan, the European Union, Australia and the United States.

    Vice President Xi Jinping said at the China-US Business Dialogue in August that China will import goods worth $8 trillion over the next five years.

    The country's imports grew at a rate 4 percentage points higher than its export growth during the first three quarters of this year, with its trade surplus falling 10.6 percent year-on-year to stand at $12.7 billion.

    Lu Peijun, deputy head of the General Administration of Customs, noted that China's trade is in the midst of rebalancing as imports rose sharply and trade surplus shrank, which will help boost global economic recovery.

    China's efforts in expanding imports have played a significant role in combating the world financial crisis and driving economic recovery, said Harsha Vardhana Singh, deputy director general of the World Trade Organization (WTO), at a sideline forum at the fair.

    "It is vital for the world that China maintains open markets as the world will continue to benefit from China's growth," said Singh.

    It is obvious that the world market has received the "import signal" sent by China.

    Rick Sheehy, head of the US National Lieutenant Governors Association, led a delegation of 5 lieutenant governors, including Mark A Darr from Arkansas and Kay Ivey from Alabama. Their mission is mostly to explore export opportunities for US goods and services, such as farm produce.

    "China's economy will make good transitions over the next five years. The US and China have enormous potential in economic and trade cooperation. We are looking forward to strengthening cooperation with Chinese provinces," Sheehy said.

    Okitsugu Nieda, vice president of the Japan Council for the Promotion of International Trade, said he hopes China can encourage more Chinese buyers to attend the fair, in order to help foreign companies find proper partners and distribution channels.

    The fair paid special attention to Japanese exports by inviting dozens of companies from the quake-hit Miyagi, Fukushima, and Iwate prefectures in a bid to boost their exports to China.

    China has become the main destination for exports from Miyagi. A commerce official with the prefecture said he hopes to clinch deals worth 1 trillion yen (just under $13 billion) at the fair, adding that Miyagi highly values China's role in the county's post-quake construction.

    Some overseas buyers suggested that China lower its threshold for imports and work more to facilitate imports, including helping its private companies reduce import costs.

    However, China's import expansion requires developed nations to recognize the country's market economy status as soon as possible and reduce restrictions on high-tech exports to China, analysts said.

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