China will further reduce custom tariffs and loosen restrictions on market access to create more space for growth in the import industry. Chinese president Xi Jinping expects the value of Chinese import to exceed 30 trillion USD in the next 15 years. The desire to expand import has been expressed repeatedly at the highest level of Chinese politics this year, and the ground has been prepared for a policy of reduced custom tariffs.
However, growth in the import industry needs to meet certain conditions:
First, the current import volume is not sufficient. It is much smaller than the export volume during the same period. This begs the question whether China is sufficiently open to the global market. There is still room to grow.
Second, the product quality of import products is relatively low and unable to satisfy the requirements of domestic consumers. On the one hand, China mainly imports resources and half-products. The proportion of consumer products is relatively low. On the other hand, the economic structure of Chinese consumption has seen great qualitative changes in the last few years.
Third, the import of services requires urgent diversification.
Source: Finance and Economics/News Trends