China is set to cut tariffs and simplify red tape, for the purpose of boosting imports and maintaining balanced trade. That's according to the Vice Minister of Commerce, Zhong Shan.

The vice minister says China will launch a series of measures to stimulate imports, including adjusting tariffs on some goods and simplifying the administrative process. But he did not give details on the measures, or products under consideration. It's expected consumption duty on imported milk powder and cosmetics will be cancelled.

Data shows in 2010, Chinese consumers spent around 12 billion yuan on goods from overseas markets via online agents. And that transaction volume is expected to continue to grow.