China saw its import value surge 47.2% year on year to US$766.56 billion in the first seven months of this year, substantially exceeding the 11.6% growth rate of export value, and becomes the world's second largest importer, according to a report from the China Import and Export Forum held in Beijing on Monday.

China's domestic market size is expected to reach US$2 trillion this year, much more than its value of total exports, said Chong Quan, deputy China international trade representative. 

Reportedly, China will increase imports from countries with which China has a trade surplus by taking measures of remaining low tariff at 9.8%.
 

China also aims to increase imports of products the country is short of, especially advanced technology and key equipment.