(Yicai Global) Nov. 2 -- China will adopt a three-step strategy to increase imports. Wang Bingnan, vice minister of the ministry of commerce (MOFCOM), announced the new plan today. The new measures are aimed at stimulating consumption and encouraging import of advanced technologies.
Under the new measures, MOFCOM will first improve the tax and financial policies for expanding imports, reduce the tariffs of some consumer goods and increase number of imported consumer goods. MOFCOM will also encourage the import of advanced technological equipment and key components by expanding the catalogue of imported technologies and products. It will also motivate financial institutions in the banking sector to increase their support for import credits, Wang said.
As the second step, MOFCOM will balance the supply and demand relations and improve trade facilitation conditions. It will accelerate the integration of customs clearance and improve the inspection and quarantine system.
In the final step, it will reform import management, streamline administration and delegate powers, adopting new methods in government supervision, optimizing the management and service of imports, vigorously developing the import promotion platforms and creating new modes of import.