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BREAKING NEWS

China: Imports to rise

BEIJING (AP) — Chinese leaders promised Wednesday to increase imports and reduce risks in their financial system amid slowing economic growth and pressure from Washington and Europe to open their markets wider.

A statement issued after a three-day planning meeting contained no new initiatives and was in line with the ruling Communist Party’s plans to make the economy more efficient while also building up state industries.

The statement promised to increase imports amid efforts to spur economic growth driven by domestic consumer spending and reduce reliance on trade and investment. It gave no indication Beijing planned changes in response to complaints that U.S., European and other foreign companies are shut out of a wide range of industries.

“China vows to increase imports and cut import tariffs for some products to promote balanced trade,” the official Xinhua News Agency said.

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