China to Increase Imports to Make It Easier for Overseas Shopper to get Refunds
China is planning to increase their imports making it easier for overseas shoppers to get tax refunds and allow foreigners to visit China for 72 hours even without a visa. A number of measures will be outlined that is aimed to encourage consumption and hopefully stabilize the struggling economy. China will the start importing more advance equipment and daily consumer goods, reduce or eliminate tariffs on imports based on the guidelines issued by the State Council.
As China continues to open up its service sector to foreign investors by adopting a pre-established national treatment together with a negative list approach. It promises to support development of emerging industries that have strategic importance, a new category, which include energy conservation and environmental protection plus next generation information technology and new energy vehicles. the announcement also included robotics, 3D printing, wearable devices, digital media, smart home appliances as target for development.
In hopes to encourage buyers the government plans to subsidize purchases of new products and services, therefore boosting consumption is conducive to the economic restructuring and sustainable growth. Pro consumption measures came about as China tries to shift from investment lead growth to consumption and innovation driven expansion.