China allocates more funds for boosting imports

China's Ministry of Finance (MOF) announced on Wednesday it has appropriated 2.5 billion yuan (394 million U.S. dollars) for interest discounts offered to importers this year to boost imports of certain products. The fund was up 25 percent compared with a year earlier, according to a statement posted on the MOF's website. The ministry raised the fund for interest discounts in an effort to balance trade by encouraging imports of high-tech equipment, significant raw materials, as well as key components and parts, the statement said. Since China began to extend interest discounts to importers in 2008, the country has allocated a total of 9.5 billion yuan of interest discounts on the imports of encouraged products with a total worth of 111.35 billion U.S. dollars, the ministry added.