Phoenix Satellite Television:

My question is about imports. Recent data indicate a steady recovery in imports over the past three quarters, highlighted by a strong rebound in the third quarter. Nevertheless, import growth lagged behind the pace of export expansion overall. What does the GACC think about the main reason? What is the outlook for imports in the coming months? Thank you.

Wang Jun:

Thank you for your questions. Mr. Lyu Daliang will answer this question.

Lyu Daliang:

Thank you. Mr. Wang just covered exports, and I will now brief you on imports. China is the world's second-largest goods import market, and the country's large market presents a great opportunity for the world. The decline in international prices for certain bulk commodities in the first three quarters affected the growth rate and value of imports. However, in terms of volume, China's import volume index increased by 0.6% year on year. As of September, imports had risen for four consecutive months on a monthly basis. Driven by domestic production and consumption demand, imports of crude oil and metal ores increased by 2.6% and 4.2%, respectively. The imports of food, beverages, tobacco, as well as cultural and entertainment products also grew by 10.2% and 9.4%, respectively. With the removal of restrictions on foreign investment in the manufacturing sector, imports by foreign-invested enterprises in China rose by 1.1% in the first three quarters.

To understand China's imports, one should not only consider the market scale but also China's proactive role in expanding imports as a major country. China is opening its doors wider to the world, offering more trade partners the opportunity to benefit from its modernization and development. In the first three quarters, China approved the import of 135 new types of agricultural and food products, involving 50 countries and regions. For the least developed countries that have diplomatic relations with China, we have implemented a policy granting zero-tariff treatment for 100% of tariff lines, resulting in a 9.7% increase in imports from those countries. At the same time, China is actively promoting to negotiate and sign the agreement of China-Africa Economic Partnership for Shared Development, aiming to grant zero-tariff treatment on 100% of tariff lines for 53 African countries which have set up diplomatic relations with China.

Next month, the eighth China International Import Expo will be held in Shanghai. The expo is not only a platform for showcasing new products, but also a precious opportunity for multinational companies to enter the Chinese market. Now, exhibits from around the world are being shipped. It is said that a series of cutting-edge technology products, such as companion robots for households, will make their debut at the expo. Customs will enhance clearance efficiency, leverage advanced technologies, innovate regulatory frameworks, and enable more global enterprises to thrive in China's vast market. Thank you.