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China Expected to Import $8 Trillion Worth of Goods in 2016-2020

© AP Photo / Elizabeth Dalziel, FileContainer terminal in the port of Dalian, China
Container terminal in the port of Dalian, China - Sputnik International
China’s Vice Premier Zhang Gaoli claims that China’s imports in the current five-year period are expected to amount to $8 trillion.

The People's Republic of China flag and the U.S. Stars and Stripes fly along Pennsylvania Avenue near the US Capitol during Chinese President Hu Jintao's state visit in Washington, DC, US on January 18, 2011. - Sputnik International
Import Tax of 45% Would Decimate Chinese Exports to US
BEIJING (Sputnik) – China’s imports in the current five-year period (ending in 2020) are expected to amount to $8 trillion, China’s Vice Premier Zhang Gaoli announced on Saturday.

"We should work together and stick to the principle of opening up and development… and to promote the establishment of the global value chain with the emphasis on shared benefits," Zhang said at the opening ceremony of the Boao Forum for Asia, as quoted by China Daily.

In 2016, the first year of China’s 13th five-year-plan, the country's imports fell by 5.5 percent, amounting to about $1.5 trillion.

Zhang said that despite ongoing changes in the Chinese economy, it remains stable and by 2020, China’s imports for the current five-year-period will amount to $8 trillion.

China’s imports from Russia stood at $32.2 billion last year, having dropped 3.1 percent over the course of 2016.

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