China to Cut Import Tariffs to Trim Trade Surplus

China will cut import tariffs on a range of products in an effort to move toward a balance in its foreign trade account from the current large surplus, the official China Daily reported, citing Zhong Shan, vice-minister of commerce.

"We will launch a series of measures to stimulate imports this year, including adjusting tariffs on some categories of goods," Zhong told the newspaper, without elaborating.

Speaking on the sideline of a trade fair, Zhong said the government will also simplify the administrative process to boost imports.

China's trade surplus trade surplus fell 6.4% in 2010 to $183.1 billion. In January, it fell 53.5% y/y to $6.45 billion.

In January, the government cut import tariffs to 10% from 20% on digital cameras and computers.

The market also expects the government to cut import tariff on soybean, cosmetics, milk powder and luxury goods.