National Business Daily citing an unidentified official at the Ministry of Commerce said, China has developed ways to increase imports such as the cancellation of quotas and will implement more as early as September.

According to General Administration of Customs' data, China trade surplus for the first seven months reached USD 83.93 billion down by 21.2%YoY.

Mr Wei Jianguo a former vice commerce minister estimated that this year's trade surplus may amount to USD 50 to USD 100 billion, a quarter to 40% of the average trade surplus of USD 200 to USD 250 billion over the past three years. Now is the right time for China to increase imports to speed economical restructuring and improve relations with other nations.

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.

(Sourced from National Business Daily)