China will reduce consumer product tariffs and lift financing to spur imports

China will reduce consumer product tariffs and lift financing to spur imports

China is on the verge of lowering tariffs and stepping up bank financing just to back more imports as the Asian country's huge trade surplus has rather a negative impact on its citizens, as commerce ministry officials unveiled on Thursday.

China faces an enormous trade surplus and it has been accused by other countries including America of protecting domestic companies using unfair trade practices such as high import tariffs.

Donald Trump is braced for coming to China next week. The trade relationship is believed to be a key topic of discussion.

China is going to reduce import tariffs on consumer products and also encourage financial institutions to expand import financing, and intensify imports of advanced technological equipment as well as key components.

On Wednesday, Trump labeled the US trade deficit as “terrible” and "embarrassing" ahead of an trip to Asia.

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