Hi-tech Products News
- Hi-tech equipment imports to be boosted
Date: 11-Apr-2007 Sources: (Shenzhen Daily)
THE country will boost imports of technologically advanced equipment as a way of easing growth in its overly large trade surplus, Xinhua News Agency reported Monday, citing a commerce vice minister.
Speaking at a meeting Monday, Commerce Vice Minister Wei Jianguo added appreciation of the yuan will help cut import costs, while China's vast foreign-exchange reserves provide a steady foundation to boost imports, according to Xinhua.
The report also cited unnamed sources as saying the commerce ministry and other agencies will introduce policies to boost imports of advanced equipment, increase imports from countries with which China has a trade surplus, as well as ease and improve the procedures and rules for imports.
Wang Qinhua, who heads the ministry's department of mechanic, electronic and high-tech industry, said the government will strongly support imports of advanced equipment, such as those for making integrated circuits, according to the report.
Wei didn't identify any particular trading partner. But China has said it wants to curb growth of its trade surplus, which rankles key trading partners like the United States
A person familiar with the situation said last week China is drafting plans to buy US$12.5 billion of U.S. goods ahead of a visit by top Chinese officials to Washington in May.
The current plan calls for China to purchase US$10 billion of machinery and electronics, US$2 billion of soybeans and US$500 million of cotton from U.S. companies, the person familiar with it said last week.
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