CHINA will cut tariffs and step up bank financing to support more imports as the country’s massive trade surplus is having a negative impact on its citizens, commerce ministry officials said.

U.S. President Donald Trump is set to visit China next week, with the trade relationship expected to be a major topic of discussion.

“A trade surplus that is too large has a negative impact on the Chinese people’s enjoyment of national wealth. Only by reducing the trade surplus can Chinese people feel a greater sense of gratification,” Ministry of Commerce Vice Minister Fu Ziying said Thursday.

China will lower import tariffs on consumer products, encourage banks to expand import financing, and increase imports of advanced technological equipment and key components, Wang Bingnan, another vice commerce minister, said Thursday.

“The commerce ministry and other departments will further improve policies, and work to create an environment that is fair, law-based, international and simplified business environment, to promote the healthy and stable development of foreign trade,” said Wang. (SD-Agencies)