This tutorial is for an outdated version of Chrome. Please refer to the updated version found here. (09/28/12)
The Import Bookmarks and Settings dialog should now be displayed, overlaying your browser window. The second section, labeled Select items to import, contains four items. By default, the checkboxes accompanying each of these items is enabled. Click on the following individual items to remove each one's respective check mark: Favorites/Bookmarks, Search engines, and Browsing History.
The only check mark remaining should be the one labeled Saved passwords.