China plans near-term import boost

Containers are seen at Yangshan Deep Water Port, part of the Shanghai Free Trade Zone, in Shanghai, Feb 13, 2017. [Photo/Agencies]

China is expected to release a guideline to boost imports for the near term in its effort to achieve import-export balance in development, Economic Daily reported Wednesday, citing an official from the Ministry of Commerce.

Gu Xueming, president of the Chinese Academy of International Trade and Economic Cooperation under the Ministry of Commerce, told the newspaper the US trade deficit with China is a market result of the two countries' economic structure and the world's industrial specialization, and the US statistical method directly leads to overestimates on the deficit.

He also said its restrictions on some items exported to China will expand the gap.

The first China International Import Expo, or CIIE, will be held in Shanghai from Nov 5 to 10 to further optimize the country's trade structure with the rest of the world, the Ministry of Commerce announced last year.

China is likely to import products and services valued at more than $10 trillion over the next five years, providing an opportunity for enterprises across the world to enter the Chinese market, according to the CIIE website.

It is anticipated thousands of enterprises from more than 100 countries will attend the event, bringing up to a million commodities and services to the Chinese market.