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State Council: Four Policies to Improve Imports

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