Economy

China to add more items to tariff reduction catalog

(Xinhua)
Updated: 2010-12-23 09:24

BEIJING - China will add more items to its preferential technologies and products import catalog to boost mechanical and electrical products imports, a Ministry of Commerce (MOC) official said Wednesday.

Emerging industries and traditional equipment manufacturing will be included in the tariff reduction catalog, Zhang Ji, the MOC's Industry Department chief, said during a national business work conference.

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Zhang said an active import policy will help satisfy Chinese demand for production factors as the country transforms its economic development mode and updates its industrial structure.

He said three principles - including market mechanisms and policy guidance - will be followed to promote imports of mechanical and electrical products.

The ministry will work to increase imports of advanced technologies, equipment and components while promoting imports for production enterprises during the 12th Five-year program period (2011-2015), Zhang said.

The move will decrease China's trade surplus, he added.