China is set to implement new measures to increase imports, make it easier for overseas shoppers to get tax refunds, and enable foreigners to travel around the country for 72 hours without a visa, the central government announced on Monday, Nov. 23.
The Xinhua News Agency reported that the measures were aimed at encouraging consumption and stabilizing the country's economy, currently on a slowdown.
According to a guideline issued by the State Council, China will start to import more advanced equipment and daily consumer goods and eliminate or reduce tariffs on the import of these products.
The report added that the country will also allow foreign investors to invest in its service sector by adopting the "pre-establishment national treatment plus negative list" approach.
The Chinese government also vowed to support the development of "emerging industries with strategic importance," which includes energy conservation and environmental protection, next-generation information technology, and new-energy vehicles.
The targets for development also include robotics, 3D printing, wearable devices, gene engineering, smart home appliances and digital media, adding that the government will subsidize buyers of these new products and services.
"Boosting consumption is conducive to economic restructuring and sustainable growth," said the guideline.
China has adopted the pro-consumption measures as the country is planning to shift from investment-led growth to consumption and innovation-driven expansion.
A communique issued by the Communist Party of China Central Committee last month said that the country's top leadership has also pledged to make consumption a bigger contributor to economic growth in the next five years.
The guide also includes the expansion of China's 72-hour visa-free entry policy to boost consumption and further stimulate domestic demand.
According to the guide, the tax refund policy for foreign visitors will also be improved and the opening of more duty-free shops in cities included in the visa program will be hastened.
The guide, however, did not provide details on how the 72-hour visa-free entry policy will be expanded.
Citing an official with the Bureau of the Exit and Entry Administration under the Ministry of Public Security (MPS), news site chinanews.cn said that the policy has been adopted by 18 Chinese cities, including Beijing, Shanghai and Guangzhou.
The Xinhua News Agency reported that travelers from 51 countries and regions--including the U.S., Russia, Britain, France and Japan--can now take advantage of 72-hour stay in 18 cities upon entry, provided they have visas for entry to a third country or region and tickets to leave for a third country or region within 72 hours.
Officials in the 18 cities have said that the move will boost international tourism and cultural exchange as well as commercial and trade cooperation, the report added.