China to increase high-quality imports as economy recovers, vice premier says

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China to increase high-quality imports as economy recovers, vice premier says
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Economy9 hours ago (Mar 21, 2021 01:15PM ET)

China to increase high-quality imports as economy recovers, vice premier says
© Reuters. Delivery worker wearing a face mask walks past an office and commercial complex in Beijing’s Central Business District (CBD)

BEIJING (Reuters) – China will step up imports of high-quality foreign goods and services as the economy makes a steady recovery, vice premier Han Zheng said on Sunday.

The world’s No.2 economy, will strengthen macro policy coordination with other countries, Han told the China Development Forum, a high-level business gathering hosted by the Development Research Centre of the State Council.

“Since the start of this year, China’s economic operations have continued a steady recovery trend,” Han said.

“We will adjust and improve import tax policies, increase imports of high-quality products and imports of services,” he said without giving further details.

China’s economy expanded 2.3% last year, making it the only major economy to report growth, although the growth was its weakest in 44 years.

Its economy is widely predicted to expand by more than 8% in 2021, led by an expected double-digit rise in the first quarter, but analysts and officials say the recovery remains uneven.

Also at the forum, He Lifeng, head of the National Development and Reform Commission, the state planner, said the foundation of China’s economic recovery was not solid, citing global economic uncertainties and domestic economic imbalances.

He said China would continue to provide financial relief for some companies and avoid an abrupt change in policy.

The central bank is trying to cool credit growth to help contain debt risks, but is treading warily to avoid hurting the economic recovery, which remains uneven as consumption lags and small firms struggle, policy insiders said.

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