- News>
- World
China`s imports grow faster than exports during Jan-Aug period
Beijing, Oct 05: China`s imports grew 40.6 per cent year-on-year in the first eight months of this year, 8.1 percentage points higher than the growth in exports, according to latest customs statistics.
Beijing, Oct 05: China's imports grew 40.6 per cent year-on-year in the first eight months of this year, 8.1 percentage points higher than the growth in exports, according to latest customs statistics.
The total volume of China's imports stood at 256.9 billion US dollars during January-August, an average of 32.1 billion for a month and a record 34.62 billion for August, Xinhua news agency reported today.
Major imports included automotive products, machinery and electrical products, steel products, crude and refined oil in the first eight months, China imported crude valued at 12.51 billion US dollars, up 57.9 per cent, refined oil at 3.87 billion dollars, up 85.4 per cent, steel products at 13.21 billion dollars, up 62.9 per cent, and automotive products at a record 9.31 billion dollars, up 94.7 per cent, according to the statistics. Sources from the general administration of customs attributed the increase of China's imports to the rapid development of its economy, the policy of further opening up its market, expanding domestic demand, and cutting customs duties following its entry into the World Trade Organisation.
The trade surplus this year is expected to be lower than last year's USD 30.3 billion , since China maintains a faster growth rate in imports than exports. A Chinese economist has suggested that abolishing or cutting tax rebates to Chinese exporters would help relieve the pressure for appreciation of the Chinese currency, Yuan.
Speaking at a seminar here, Lin Yifu said for export--oriented Chinese enterprises, lowering the tax rebate rates means an effective appreciation of Yuan. He said readjustment of export tax rebate policy would be a more sensible choice for the Chinese government than revaluating the Yuan.
Bureau Report
Major imports included automotive products, machinery and electrical products, steel products, crude and refined oil in the first eight months, China imported crude valued at 12.51 billion US dollars, up 57.9 per cent, refined oil at 3.87 billion dollars, up 85.4 per cent, steel products at 13.21 billion dollars, up 62.9 per cent, and automotive products at a record 9.31 billion dollars, up 94.7 per cent, according to the statistics. Sources from the general administration of customs attributed the increase of China's imports to the rapid development of its economy, the policy of further opening up its market, expanding domestic demand, and cutting customs duties following its entry into the World Trade Organisation.
The trade surplus this year is expected to be lower than last year's USD 30.3 billion , since China maintains a faster growth rate in imports than exports. A Chinese economist has suggested that abolishing or cutting tax rebates to Chinese exporters would help relieve the pressure for appreciation of the Chinese currency, Yuan.
Speaking at a seminar here, Lin Yifu said for export--oriented Chinese enterprises, lowering the tax rebate rates means an effective appreciation of Yuan. He said readjustment of export tax rebate policy would be a more sensible choice for the Chinese government than revaluating the Yuan.
Bureau Report