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China exports many low-end medicine ingredients and raw materials, such as vitamin C and antibiotics, but relies heavily on imports for the high-end ones, according to Shi.
China announced tax cuts worth 60 billion yuan (.4 billion) for innovative, small businesses in April. The move follows a 400 billion yuan tax cut package for 2018, which was decided at a State Council executive meeting in March.
China had 37.73 million tons of crude oil in its Strategic Petroleum Reserves by the middle of this year, according to the National Bureau of Statistics.
China does not seek a trade surplus, Xi said, adding that the country would like to increase imports and achieve greater balance of international payments under the current account.
China had a trade deficit with 12 countries, with the largest trade deficit last year of .9 billion with Malaysia, said the report.
