Beijing — China will lower tariffs and step up bank financing to support more imports as the country’s massive trade surplus has a negative impact on its citizens, commerce ministry officials said on Thursday. China runs a vast trade surplus and has been accused by countries including the US of protecting domestic companies through unfair trade practices including high import tariffs. US President Donald Trump is set to visit China next week, with the trade relationship expected to be a major topic of discussion. "A trade surplus that is too large has a negative impact on Chinese people’s enjoyment of national wealth. Only by reducing the trade surplus can Chinese people feel a greater sense of gratification," Commerce Vice-Minister Fu Ziying told reporters. China would lower import tariffs on consumer products, encourage banks to expand import financing, and increase imports of advanced technological equipment and key components, fellow Commerce Vice-Minister Wang Bingnan said. "Th...
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