China has promised to "vigorously" expand imports of key products from around the world to balance its export driven trade, but analysts dismissed it as a mere lip service than a firm commitment.
China, the worlds largest exporter, will "vigorously" expand its imports of key products to cut its trade surplus to avoid growing protectionism against its products in different countries, China's deputy international trade representative Chong Quan said.
"We will especially encourage imports of products the nation is short of, especially advanced technology and key equipment," Quan was quoted in the official media as saying.
Special attention will be paid to expanding imports from countries that China has a trade surplus with, he said at the China Import Forum.
Almost all countries, including US, EU and India, trading in a big way with China accuse Beijing of resorting to one way traffic of importing only raw materials and high technology products, while blocking the rest with non-tariff barriers.
Indian businessmen and officials pointed out that though India-China trade is flourishing rapidly with volumes set to touch $60 billion target this year, the much of Indian exports to China still continued to dominated by raw materials specially the iron ore.
The bilateral trade already crossed $30 billion this year with balance of trade heavily tilted in favour of China which this is year is well poised to make more inroads into India taking advantage of the rapid expansion of the telecom and road infrastructure.
Indian exports to China touched $11.9 billion in the first six months of the year, with Iron ore topping the list with $7.7 billion.
The Indian cotton, yarn and fabric together posted $1.1 billion. China had the lions share by exporting $18.4 billion worth of goods to India, posting a 42 per cent increase compared to last year.
Indian officials said that efforts being made by both the government and business houses to push Indias strong products like IT, pharmaceuticals, engineering services and agro products have not made any headway with no initiative coming from Chinese side to open up to products from the four areas which were identified to do well here after careful market research.
Indian officials and business analysts here dismissed Chong's promise to open up as just a lip service and public relations exercise.
