Center

China revamps policies to rein in surplus

(Xinhua)
Updated: 2007-04-25 16:00

The ChineseMinistry of Commerce(MOC) will restructure its preferential export policies in an effort to rein in the nation's trade surplus, according to a media report Wednesday.

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The ministry is investigating export promotion policies designed by local governments, and says those that infringe uponWTOrules or do not conform to the state's macro-economic policies will be scrapped, according to a report in the latest issue of the 21st Century Business Herald.

The report quoted an MOC official as saying that the probe extends to subsidies, bonuses and discounted loans.

He said the revamping of export policies is listed as a key task for the MOC this year, but no specific timetable has been set.

In the first quarter, China's trade surplus reached 46.44 billion U.S. dollars, up 99.3 percent on the same period last year.

Chinese Premier Wen Jiabao said last week that China will abandon policies that give exports inappropriate preferences and expand its imports of advanced technology and equipment.