Read in Chinese

Speakers:

Ms. Li Yongjie, deputy China international trade representative (vice-ministerial rank) of the Ministry of Commerce (MOFCOM)

Mr. Xu Xingfeng, director general of the Department of Market Operation and Consumption Promotion of MOFCOM

Mr. Li Xingqian, director general of the Department of Foreign Trade of MOFCOM

Mr. Zhu Bing, director general of the Department of Foreign Investment Administration of MOFCOM

Chairperson:

Ms. Xing Huina, deputy director general of the Press Bureau of the State Council Information Office (SCIO) and spokesperson of the SCIO

Date:

Aug. 2, 2024

Xing Huina:

Ladies and gentlemen, good morning. Welcome to this press conference held by the State Council Information Office (SCIO), as part of the series "Promoting High-Quality Development." Today, we have invited Ms. Li Yongjie, deputy China international trade representative (vice-ministerial rank) of the Ministry of Commerce (MOFCOM), to brief you on relevant developments and to take your questions. Also present today are Mr. Xu Xingfeng, director general of the Department of Market Operation and Consumption Promotion of MOFCOM; Mr. Li Xingqian, director general of the Department of Foreign Trade of MOFCOM; and Mr. Zhu Bing, director general of the Department of Foreign Investment Administration of MOFCOM. 

Now, I'll give the floor to Ms. Li for her introduction. 

Li Yongjie:

Ladies and gentlemen, good morning. I'd like to express my gratitude to you for your interest in and support for the commerce-related work. It's a pleasure to meet you here and speak with you on the high-quality development of commerce. 

The report to the 20th National Congress of the Communist Party of China (CPC) points out that "to build a modern socialist country in all respects, we must, first and foremost, pursue high-quality development." MOFCOM has firmly implemented the decisions and deployments of the CPC Central Committee, fully and faithfully applied the new development philosophy on all fronts, and promoted the high-quality development of commerce. Our efforts have contributed to creating a new development pattern and advancing Chinese modernization through the development of commerce. This is mainly reflected in four aspects:

First, new progress has been secured in consumer spending. We have focused on enhancing the fundamental role of consumption in promoting economic development. During this process, we have introduced consumer goods trade-in programs and policies to boost automobile and home furnishing consumption, as well as to promote high-quality development of the catering industry. We have also launched the "Consumption Boosting Year" and "Consumption Promotion Year" series of activities. Additionally, improvement of urban and rural distribution facilities has been advanced. In 2023, the total retail sales of consumer goods reached 47.1 trillion yuan (about $6.6 trillion), setting a new record.

Second, foreign trade has gained new momentum. We have worked to stabilize the volume of foreign trade and improve its structure, rolled out the "1+N" policy package, and implemented a series of polices and measures aimed at promoting trade and assisting enterprises. Major events such as the China International Import Expo (CIIE), Canton Fair, China International Fair for Trade in Services, and Global Digital Trade Expo were successfully held. We have promoted the innovative development of trade in services and implemented a negative list for cross-border trade in services. In 2023, China maintained its position as the world's largest trader, securing rapid advancements in new growth drivers such as the "new trio" (electric vehicles, lithium-ion batteries and photovoltaic products) and cross-border e-commerce.

Third, new strides have been made in utilizing foreign investment. We have intensified efforts to attract and utilize foreign investment by introducing policies to refine the foreign investment environment and step-up efforts to attract more investment. We have actively cultivated the "Invest in China" brand and upgraded the foreign enterprise roundtables system. Moreover, we have proactively aligned with high-standard international economic and trade rules and piloted such alignment in free trade zones and ports, to develop new pacesetters for opening up.

Fourth, new breakthroughs have been achieved in international economic and trade cooperation. We have focused on promoting high-quality cooperation under the Belt and Road Initiative (BRI), and successfully hosted the Thematic Forum on Trade Connectivity of the Third Belt and Road Forum for International Cooperation. At the thematic forum, a series of economic and trade cooperation outcomes were achieved and the Initiative on International Trade and Economic Cooperation Framework for Digital Economy and Green Development was launched. China has involved itself fully in the reform of the World Trade Organization (WTO) and facilitated practical outcomes at the 13th WTO Ministerial Conference. We have promoted the entry into full effect of the Regional Comprehensive Economic Partnership (RCEP), worked toward joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Digital Economy Partnership Agreement (DEPA), and actively engaged in free trade agreement negotiations.

This year, business operations have been steady while making progress. New achievements have been made in high-quality development, contributing to national economic growth.

Consumption has maintained steady growth, with total retail sales of consumer goods reaching 23.6 trillion yuan in the first half of the year, up by 3.7%. The consumer goods trade-in policies are gradually taking effect, with over 450,000 applications for car scrapping and renewal subsidies submitted nationwide as of 9 a.m. today. The retail sales of new energy passenger vehicles grew by 33.1% in the first half of the year. Services consumption grew rapidly, with retail sales of services and catering revenue increasing by 7.5% and 7.9%, respectively, in the first half of the year. 

The volume of foreign trade has steadily increased and its quality has improved. In the first half of the year, imports and exports of goods totaled 21.2 trillion yuan, an increase of 6.1%; and imports and exports of services reached 3.6 trillion yuan, up by 14%. The contribution of goods and services imports and exports to economic growth reached 13.9%. The cultivation of new foreign trade growth drivers has accelerated, with cross-border e-commerce exports maintaining rapid growth and exports of competitive products such as ships and vehicles growing quickly in the first half of the year. According to a survey of 16,000 key foreign trade and foreign-invested enterprises conducted by MOFCOM, over 70% of enterprises expect export growth this year.

The "Invest in China" brand has become more attractive. A total of 17 major "Invest in China" events have been organized, widely promoting investment opportunities in China, and 12 foreign enterprises roundtables have been held. It has continuously become easier for foreign nationals to live and work in China. As the business environment has constantly been improved, 27,000 new foreign-invested enterprises were established in China in the first half of this year, with utilized foreign investment reaching 498.9 billion yuan. The structure of foreign investment attracted has been continuously refined, with the proportion of investment in high-tech manufacturing increasing by 2.4 percentage points compared to the same period last year.

Foreign investment and cooperation have grown rapidly. In the first half of the year, non-financial outbound direct investment reached 516 billion yuan, an increase of 19.5%. The turnover of overseas contracted projects amounted to 513.3 billion yuan, up by 4.7%.

The recently concluded third plenary session of the 20th CPC Central Committee made systematic plans for further deepening reform comprehensively. MOFCOM will thoroughly study and implement the guiding principles of the session, promote the establishment of a unified national market, and steadily expand institutional opening up. We will also deepen the foreign trade structural reform, further reform the management systems for inward and outward investment, improve planning for regional opening up, and refine the mechanisms for high-quality cooperation under the BRI. Through these efforts, we aim to make substantial achievements in commerce reform and development, thus making new contributions to advancing Chinese modernization.

Next, my colleagues and I are happy to answer your questions. Thank you.