China to increase imports on larger scale

China to increase imports on larger scale

Agency News

Beijing, Apr 26: China said on Friday it would increase imports of goods and services on a larger scale rom around the world and lower its tariff rates further. President Xi Jinping in a keynote speech at the opening ceremony of the Second Belt and Road Forum for International Cooperation here said China would continuously open up its market, reduce its negative list and negotiate and sign high-standard free trade agreements with more countries.

China, he said, is willing to import more competitive farm produces, finished products and services, he said, reports Chinese state media. This is welcome news for India which has reported to have submitted a list of 380 items, including agriculture, horticulture, pharmaceuticals, textiles, chemicals, tobacco and some engineering products, where the country has the potential to increase exports to China.
In 2017-18, India’s trade deficit with China had widened to $63 billion which comprised more than a third of the country’s total trade deficit worth $156 billion.
However, in 2018-19, the trade deficit is likely to come down a bit as India’s imports from China have declined.

Xi also said China will allow foreign investors to operate businesses in more sectors with controlling or full stake.China will step up protecting the legitimate rights and interests of foreign owners of intellectual property rights, and prohibit the forced transfer of technology, he said. (UNI)