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Economy

CIIE indicates change in China’s trade approach from exporter to importer

CKN
minutes 2018/11/06 06:36:42
2,867
China's Financial News, China News ,CIIE

Nov 06, 2018 (China Knowledge) - Most of the large global exhibitions are export-themed. Where countries endeavor to promote their imports. However, the China International Import Expo (CIIE), which is happening now in Shanghai, is import-themed, marking a shift in China’s trade approach from a country that exports to a country that imports.

Wei Jianguo, Vice Chairman of the China Center for International Economic Exchanges said that China has been gradually and systematically facilitating reforms in its domestic sectors and changing its export-oriented policies which have been in place since the opening up of the country. These new policies may signal the start of a new 20 to 30-years reform.

The Ministry of Finance has already announced a number of supporting policies such as exempting a certain number of imported goods sold at the CIIE from all import duties, 30% of value added tax and consumption tax to ensure the expo runs smoothly.

China’s economy has already entered a stage of high-quality development and the country can now focus on importing high-quality products, advanced technologies to upgrade its traditional industries and boost its competitiveness.

The CIIE serves as a platform for China to leverage its consumption potential through imports and promote global cooperation and trade. Shanghai is already a global hub for trade, with an annual import and export volume of USD 420 billion, accounting for 27% of China’s total and 3% of global trade.

The CIIE will lead to further reforms and opening up of China’s economy. In due time, the country may encourage introduction of foreign funds, better protection of intellectual property rights and equal treatment of foreign firms. 

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