China has developed ways to increase imports such as the cancellation of quotas and will implement more as early as September, the National Business Daily reported, citing an unidentified official at the Ministry of Commerce.
China's trade surplus for the first seven months reached $83.93 billion, down 21.2 percent over the same period as last year, according to General Administration of Customs' data.
This year's trade surplus may amount to $50 to $100 billion, a quarter to 40 percent of the average trade surplus of $200 to $250 billion over the past three years, Wei Jianguo, a former vice commerce minister estimated, according to the the 21st Century Business Herald.
Now is the right time for China to increase imports to speed economical restructuring and improve relations with other nations, the paper said, citing Wei.
The China Council for the Promotion of International Trade and the China Chamber of International Commerce has set up an exposition and trading center for imported goods in Shanghai, the first of this kind. Goods in this center, which will come into operation next year, will enjoy tariff cuts.
Wei believes setting up of this center means China has changed from encouraging exports alone to focus on trade balance, the paper said.