China's economy is seeing the effects of policies that aim to expand imports and provide more "China opportunities", such as reducing tariffs and increasing global trading platforms. This is big news for domestic consumers and businesses, as well as the world. CGTN's Timothy Ulrich has more.  

At the Port of Qingdao in Shandong Province, more than 3,000 king crabs from Russia are being cleared by customs. Compared to before, businesses are paying much less in tariffs.

LI JING, SECTION CHIEF CUSTOMS DUTY DIVISION OF QINGDAO, SHANDONG PROVINCE "The tariff on a live king crab has decreased from 14% to 7%, which will save this company 50 thousand yuan. In recent years, the government has decreased the tariffs on goods 4 times. This time has been one of the largest decreases of tariffs."

Because of policies such as the reduction of tariffs, more and more high-quality products from all over the world are entering China. China eliminated tariffs on all imported cancer drugs on May 1st, as well as decreased the value-added tax rate. According to the customs department, reducing the VAT tax can reduce the annual import tax by more than 100 billion yuan. Car import tariffs will also be significantly decreased, further benefiting consumers.

TU XINQUAN, DIRECTOR CHINA INSTITUTE OF WTO STUDIES, UIBE "Decreasing tariffs and expanding imports will better advance industrial upgrading and satisfy people's demand for life. As China has a large market which accommodates 1.3 billion people, expanding imports will share the outcomes of China's development with the whole world. And this shows China's undertaking as a great power."

According to the latest statistics, in the first four months of 2018, China's imports totalled 4.3 trillion yuan, increasing by almost 12 percent. Meanwhile trade surplus decreased by just over 24 percent, further signalling the success of China's plan to increase imports.

ZHANG JIANPING, DEPUTY DIRECTOR OF ACADEMIC COMMITTEE CHINESE MINISTRY OF COMMERCE "We adhere to the principle of wide consultation, joint contribution, and shared benefits to achieve win-win cooperation. Therefore, we consider not only Chinese interests, but also the common interests of relevant parties. I think China and the world will have good interactions now."

International exporters will also be able to expand into the market through the first China International Import Expo, taking place later this year. The expo will bring together businesses from China and abroad. The expo is already working to achieve this through the recent release of a new transaction service platform that will make it easier to export to China. Timothy Ulrich, CGTN.