China allocates funds for boosting imports

BEIJING - China's Ministry of Finance (MOF) said on Tuesday it has earmarked 2.8 billion yuan (456 million US dollars) for interest discounts to importers of certain products to encourage trade.

The funds was up 12 percent from a year earlier, according to the MOF website.

The support should boost imports of high-tech equipment, significant raw materials, and key components and parts to optimize trade structure, the statement said.

Since the policy came into place in 2008, a total of 12.3 billion yuan has been spent on interest discounts on imports of specified products worth 137.07 billion US dollars, the ministry added.

Earlier data showed China posted a trade surplus of 169.4 billion U.S. dollars in the first nine months, up 14.4 percent year on year.