October 23, 2019 / 11:25 AM / 2 months ago

China to boost imports of goods including farm products

BEIJING (Reuters) - China will boost imports of certain goods including agricultural, consumer and components products as part of its efforts to stabilize foreign trade, Chinese state television said on Wednesday, citing the cabinet.

CCTV said the State Council also decided to improve its policies on tax rebates, trade finance and insurance, and ease restrictions for capital account transactions as part of its efforts.

China will take steps to support trade and foreign investment, the cabinet said.

China will allow some foreign firms to conduct domestic equity investment by using their capital, and will allow some banks to make cross-border transfers of bad loans under a pilot scheme, it added.

The cabinet also reiterated that China will keep the yuan currency CNY=CFXS basically stable and maintain reasonable foreign exchange reserves.

Stabilizing trade and foreign investment is part of Beijing’s policies to support the slowing economy that has been hit by a trade war with the United States.

China’s economic growth is expected to slow to a near 30-year low of 6.2% this year and cool further to 5.9% in 2020, a Reuters poll showed, even as Beijing steps up policy stimulus.

Reporting by Kevin Yao and Roxanne Liu; writing by Se Young Lee; Editing by Angus MacSwan

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