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China's cabinet has agreed to temporarily lower import duties on energy and raw materials and boost financing for importers in key sectors to help reduce the country's trade surplus and ease trade frictions.

 

The State Council said in a statement posted on the government's website Friday it would encourage policy banks to provide financing for imports of high technology items as well as some resources, adding that boosting imports is crucial to achieving more balanced trade.

 

China has recorded successive trade surpluses in recent years, as exports powered ahead. Last year's surplus stood at a hefty $155.14 billion, though that was down 15.3% from 2010.