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Friday, January 04, 2013 12:09:25 PM (IST)  

China Eyes Tax Reform to Boost Foreign Trade

Beijing, Jan 4 (IANS): China plans to carry out a series of market and tax reforms to boost its foreign trade in 2013, a government think tank has said.

The proposed reforms will intensify China's competitiveness, Wei Jianguo, secretary-general of the China Center for International Economic Exchanges, told China Daily.

"It's expected that overall reform, ranging from tax, fiscal system to the function of the government, will be accelerated this year," Wei said.

This reform will be a "big bonus" to sustaining China's growth in all aspects, he added.

At the 18th National Congress of the Communist Party of China in November, there were indications that China will further promote its trade in a diversified way, said Wei.

Starting from January, more than 780 products, including milk powder for infants, robots for vehicle production and some rubber products, will enjoy lower import duties.

"As a responsible country, China needs to increase its imports, which is important in building healthy bilateral trade and reducing trade friction," Wei added.

In the first 11 months of 2012, China's exports grew by 7.3 percent from a year earlier, while imports grew by 4.1 percent, according to the daily Friday.

 
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