Accounting for nearly 11% of the world's total imports! China has become the second largest import market for 14 consecutive years

2023-04-24

On April 23rd, at the State Council Policy Regular Briefing held by the State Council Information Office, Wang Shouwen, the International Trade Negotiation Representative and Vice Minister of the Ministry of Commerce, introduced that China has become the world's second largest import market for 14 consecutive years. According to incomplete statistics from the WTO, China has become the main export market for over 50 countries and regions. Last year, China's total imports reached 2.7 trillion US dollars, accounting for nearly 11% of the world's total imports. The Chinese consumer market has a large capacity, multiple levels, and ample potential. Expanding imports not only contributes to China's economy, but also makes important contributions to the development of the world economy and the economies of exporting countries. Currently, China is a major trading partner of over 140 countries and regions. Wang Shouwen stated that China will continue to take a series of measures to expand imports. This year, we implemented temporary import tax rates on 1020 goods, which are lower than the tax rates we promised to the WTO. "Wang Shouwen said," Currently, the average import tariff level of China is around 7%, while the average import tariff level of developing countries is around 10% according to WTO statistics. China's import tariff is lower than many developing countries, indicating that China is willing to expand its import market access. China has signed 19 free trade agreements with 26 countries and regions, which means that the tariffs on most imported products will be reduced to zero, which is also conducive to expanding imports. At the same time, China also plays a positive role in cross-border e-commerce retail imports, ensuring the stability of bulk product imports, and increasing the import of energy and resource products, agricultural products, consumer goods, etc. that are needed domestically. He gave an example to introduce that China and Ecuador have recently signed a protocol on market access for pitaya, and Ecuadorian pitaya can be sold to China. Not long ago, China also resumed the export of some Brazilian beef to China. More importantly, we support the import of advanced technology, important equipment, and key components to promote the adjustment and optimization of domestic industrial structure. At the same time, China fully leverages the role of exhibition platforms such as the China Import and Export Fair, the China Consumer Expo, and the Canton Fair to provide opportunities for foreign products to directly meet Chinese consumers. On April 15th, the Ministry of Finance, the General Administration of Customs, and the State Administration of Taxation issued a notice on tax preferential policies for imported exhibits sold during the 2023 China Import and Export Commodity Fair exhibition period, clarifying that imported exhibits sold within the tax-free limit during the exhibition period are exempt from import tariffs, import value-added tax, and consumption tax. Wang Shouwen introduced that currently, there are 13 exhibitions in China that enjoy this policy, which is conducive to expanding imports. In addition, China will comprehensively improve the level of import facilitation, promote the expansion of the "single window" service function, promote the deepening and implementation of trade facilitation, promote mutual learning and mutual learning among import ports, further improve the efficiency of imported goods circulation, reduce the burden on enterprises, and make China's industrial chain supply chain more reliable and efficient. (New News Agency)

Edit:Hou Wenzhe    Responsible editor:WeiZe

Source:Beijing Dairy

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