General

”On April 23, Wang Shouwen, the representative and deputy minister of the Ministry of Commerce for international trade negotiations, stated at the State Council's policy briefing that expanding imports not only contributes to China's economy, but also makes important contributions to the development of the world economy and the economies of exporting countries.

Wang Shouwen introduced that currently, China has become a major international trading partner for over 140 countries and regions. According to incomplete statistics from the World Trade Organization (WTO), China has become the most important export market for over 50 countries and regions. The Chinese consumer market has a large capacity, multiple levels, and ample potential. In 2022, China's total imports reached 2.7 trillion US dollars, making it the world's second largest international trade import market for 14 consecutive years, accounting for nearly 11% of the world's total imports.

Wang Shouwen stated that in the next step, the Ministry of Commerce will continue to take four measures to expand imports: firstly, to expand the import market. This year, the Ministry of Commerce implemented temporary import tax rates on 1020 goods, which are lower than the tax rates promised by China to the WTO. At present, the average import tariff level of China is around 7%, while the average import tariff level of developing countries according to WTO statistics is around 10%, indicating China's willingness to expand its access to the import market. Currently, China has signed 19 free trade agreements with 26 countries and regions. Signing a free trade agreement means that the tariffs on most of China's imported products will be reduced to zero, which is also conducive to expanding international trade imports. At the same time, it also plays a positive role in cross-border e-commerce retail imports, ensuring the stability of bulk product imports, and increasing the import of energy and resource products, agricultural products, consumer goods, and other domestic needs. Support the import of advanced technology, important equipment, and key components, and promote the adjustment and optimization of domestic industrial structure.

The second is to leverage the role of import exhibition platforms. The China Import Expo, China Consumer Expo, and China Canton Fair Import Expo all provide foreign product providers with an opportunity to directly meet Chinese consumers and help them promote their products and services to China. It is worth mentioning that on April 15th, the Ministry of Finance, in conjunction with the General Administration of Customs and the State Administration of Taxation, issued the "Notice on Tax Preferential Policies for Imported Exhibits Sold during the 2023 China Import and Export Commodity Fair Exhibition Period", clarifying that imported exhibits sold during the 2023 Canton Fair within the tax exemption limit determined by the Ministry of Commerce are exempt from import tariffs, import value-added tax, and consumption tax. At present, 13 exhibitions in China have enjoyed this policy, which is conducive to expanding imports.

The third is to cultivate import trade promotion innovation demonstration zones. At present, 43 import demonstration zones have been established nationwide, and some policy innovations have been carried out in various regions. The construction of these import promotion innovation demonstration zones helps to share experiences and facilitate the expansion of imports in other places.

The fourth is to comprehensively improve the level of import facilitation. The Ministry of Commerce, in conjunction with customs, promotes the expansion of the "single window" service function for international trade, deepens and solidifies trade facilitation, promotes mutual learning and mutual learning among import ports, further improves the efficiency of imported goods circulation, reduces the burden on enterprises, and makes China's industrial chain supply chain more reliable and efficient.