China Economy recently reported that the State Council Executive Meeting released new policies to improve China’s imports. The primary goals are to ease the pressure of a “resource bottleneck,” to improve domestic consumption, and to reduce trade friction. Four new policies are: (1) Reducing tariffs (temporarily) on energy resources, raw materials and some daily consumer products; (2) Encouraging commercial banks to increase loans to support imports, especially in the areas of advanced equipment, key manufacturing parts, and energy resources; (3) Improving the efficiency of customs and inspection and quarantine authorities by allowing 24-hour appointments and eliminating unreasonable charges; (4) Reducing import operational costs by introducing better administrative improvements such as making more use of custom’s special supervisory areas and bonded supervisory areas.
Source: China Economy, March 31, 2012
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