China to reduce tariffs, expand imports: Xi

Chinese President Xi Jinping said Tuesday China will significantly lower the import tariffs for vehicles and reduce import tariffs for some other products this year.

Chinese President Xi Jinping delivers a keynote speech at the opening ceremony of the 2018 annual conference of the Boao Forum for Asia (BFA) in Boao, Hainan Province, on Tuesday, April 10, 2018. [Photo: Xinhua]

"We will take the initiative to expand imports," Xi said in a keynote speech at the opening ceremony of the Boao Forum for Asia annual conference held in the southern island province of Hainan.

The country will work hard to import more products that are competitive and needed by the Chinese people, he said.

China will also seek faster progress toward joining the WTO Government Procurement Agreement, according to the president.

"China does not seek trade surplus; we have a genuine desire to increase imports and achieve greater balance of international payments under the current account," he said.

Speaking of the first China International Import Expo to be held in Shanghai this November, Xi said friends from around the world are welcome to participate in the Expo.

"It is not just another expo in an ordinary sense, but a major policy initiative and commitment taken of our own accord to open up the Chinese market," he said.

Meanwhile, China hopes developed countries will stop imposing restrictions on normal and reasonable trade of high-tech products and relax export controls on such trade with China, according to the president.