In Q4 2017, China Government has implemented few policies updates to favour imports. The most significant one is to cut import tariff on 187 consumer products (ranging from meats to deodorant and cashmere clothes) by 9.6%. According to a statement released after the Central Economic Work Conference in December 2017, China has vowed to increase imports to promote balanced trade as part of its effort to push forward a new pattern of all-round opening up.

In addition, the Government will also expand free trade zone pilot areas and guide foreign investors to operate in the country in an efficient way. 

Trade figures have proved that China is on the way to open the door widely for foreign companies. According to the General Administration of Custom of China, Imports expanded 15.6% to USD 180 billion in November 2017, while Exports rose 10.3% YOY to USD 216 billion, leaving a trade surplus of USD 40.6 billion. In the first 11 months, foreign trade volume rose 15.6% from a year earlier to USD 3,869 billion.

Meanwhile, China's new development concept is to feature high-quality development, rather than the mere pursuit of high speeds. "High-quality development is the fundamental requirement for determining the development path, making economic policies, and conducting macroeconomic regulation at present and in the period to come," according to the statement.

Hong Kong's position is as a gateway for business to tap into the Mainland China market. With Dubai Exports Overseas trade office in Hong Kong setup since August 2017, Dubai Exports continues to strive for opportunities to Dubai-based companies to enter the market in Hong Kong and China through various business-matching activities. 

Source: 
China Daily, XinHua Net