China to encourage purchases with countries who signed FTA


In future, China will encourage more purchases from its main trading partners, having free trade agreements with the country, such as Pakistan, New Zealand and ASEAN member countries. To boost imports, the State Council, China’s Cabinet has pledged to cut import duties on selected energy products and raw materials as well as consumer goods, said a statement in a China daily. Vice-Premier Li Keqiang said China will import $10 trillion worth of goods and services in the five years ending 2015, the paper said. In 2011, China’s imports reached $1.74 trillion, accounting for 9 percent of the global figure, and the amount is expected to grow by about $100 billion annually. In 2012, the figure rose to $1.82 trillion. The country had set a 10 percent target for foreign trade growth in 2012, and official estimates reflect combined imports and exports to top $3.87 trillion during the year.