China Business Network (CBN):
How would you define characteristics of the imports in 2018? How will the policies, implemented recently to expand domestic demand and consumption, influence imports this year?
Li Kuiwen:
Thanks for your questions. However, I prefer to respond in view of both imports and exports. Regarding imports, we adopted a string of policies to sustain sound development of foreign trade, expanding import capacity proactively. Throughout 2018, imports increased by 12.9 percent from the previous year and maintained good growth momentum, which shows in a number of respects, as follows:
First, quantity has played an increasingly important role in adding import value. The Import Quantum Index reached 106.4 in 2018, up 6.4 percent year over year. The expansion of import quantity contributed 51.2 percent to the growth of total import values in our country. At the same time, the Import Price Index reached 106.1, up 6.1 percent year over year.
Second, import tax rebate policies on certain products resulted in rapid growth. In 2018, cosmetics imports grew by 67.5 percent to 65.7 billion yuan, while aquatic products rose 39.9 percent to 79.4 billion yuan, with both of these being higher than the overall import growth.
Third, micro market entities' import businesses showed vitality. In 2018, 211,000 enterprises had import records, 6,300 more than a year before. Among them, 57,000 enterprises accessed new import business, or 26.8 percent of the total figure. All the figures well defined the effectiveness of policies, such as proactive import expansion, adopted to boost imports among domestic enterprises.
Regarding exports, the two-time export tax rebates in 2018 helped a number of products to go global. On Sept. 15 of last year, China raised tax rebates on the first batch of 397 export commodities, including electromechanical and cultural products. In 2018, the combined value of the first batch of products enjoying the increased rebate totaled 745.1 billion yuan, up 8 percent year over year, and 0.9 percentage point higher than export growth as a whole. On Nov. 1 of last year, the tax rebate covered 1,172 products, valued at 1.53 trillion yuan, up 7.5 percent year over year, and 0.4 percentage point higher than the overall export growth. The growth of exports accelerated particularly rapidly in November and December, increasing by 13.3 percent, 7.1 percentage points higher than in the first 10 months combined. Those statistics are for reference. Thank you.
Economic Herald:
What's your projection for China's efforts in expanding imports? Thank you.
Li Kuiwei:
We have touched upon the issue of expanding imports in a couple of questions. I think the first China International Import Expo held last year sent a strong message that China would further expand its imports. Generally speaking, we will exert more effort to realize trade balance, boost the domestic economy, and import scarce key components and consumer goods this year. Particularly, the second China International Import Expo will be held, with the country pushing forward its all-round opening up policy. The General Administration of Customs will take more measures to support the move and improve trade facilitation.
Thank you.
Hu Kaihong:
I'm afraid today's press conference has reached its conclusion. Thank you, Mr. Li. Thank you, everyone.
