China to boost imports for balanced trade

BEIJING — China has vowed to increase imports and cut import tariffs on some products to promote balanced trade as part of its effort to push forward a new pattern of all-round opening up.

The country will expand free trade zone pilot areas and guide foreign investors to operate in the country in an efficient way, according to a statement released after the Central Economic Work Conference which concluded Wednesday.

The annual conference reviews work from the past year and sets the tone for economic work in the coming year.

According to the statement, the country will push for nationwide implementation of a pre-establishment national treatment system as well as a negative list which determines where foreign participation is prohibited or limited.

The negative list will become shorter and shorter, it said, adding that the country will improve laws and regulations and enhance protection of intellectual property.

At the twice-a-decade congress of the Communist Party of China held in October, the authorities emphasized that China will not close its door to the world, and the door will only become more and more open.

China has promised to let US credit rating agencies do business on their own, remove the cap on foreign ownership of Chinese banks and asset management companies, and lift limits on investment in securities houses.

Decisions made at the meeting reflect China's new development concept featuring high-quality development, rather than the mere pursuit of high speeds.

"High-quality development is the fundamental requirement for determining the development path, making economic policies, and conducting macroeconomic regulation at present and in the period to come," according to the statement.

China's GDP expanded 6.9 percent year-on-year in the first three quarters, above the government's target of around 6.5 percent for this year.