China must develop its import market

In order to balance import and export volume and upgrade the country's trading structure, China must develop its import market by introducing advanced technology to local enterprises from developing countries, a Commerce Ministry official said May 16.

"We're keen to transform the mode of the foreign trade structure in China by enhancing the import industry and retaining export growth at the same time,"said Jiang Fan, vice director general of the Department of Foreign Trade, at the China Trade Development Forum.

The total volume of export and import was 3.87 trillion yuan ($629.1 billion) for 2012, with an annual increase rate of 6.2 percent. The portion in the global market was also 0.8 percent higher than the previous year by reaching 11.2 percent.

"Buying goods from newly emerged regions such as Africa, South Asia and other developing countries should be encouraged as an expansion of China's import market,"Jiang said.

The total value of loans proceeded in the Export-Import Bank of China from 1994 was 3.8 trillion yuan, 700 million yuan of which had been used to import high-tech and new energy related equipments, according to the Export-Import Bank of China.

"More advanced technology from overseas will be introduced to help the restructuring small and medium-sized enterprises in China grow faster with applying sustainable and innovative concepts continuously,"said Sun Ping, vice president of the Export-Import Bank of China.

China Trade Development Forum was held on the second day of the second China (Kunshan) Brand Products Import Expo in Kunshan, Jiangsu province, focusing on interpreting governmental foreign-trade policies.