Read in Chinese
Speakers:
Ms. Li Yongjie, deputy China international trade representative
Mr. Li Gang, director general of the Department of Market Operation and Consumption Promotion of the Ministry of Commerce (MOFCOM)
Mr. Meng Yue, deputy director general of the Department of Foreign Trade 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:
Jan. 15, 2025
Xing Huina:
Ladies and gentlemen, good afternoon. Welcome to this press conference held by the State Council Information Office (SCIO), as part of the series "High-Quality Development Achievements of China's Economy." Today, we have invited Ms. Li Yongjie, deputy China international trade representative, to brief you on the situation of commerce work serving high-quality development and answer your questions. Also attending today's press conference are: Mr. Li Gang, director general of the Department of Market Operation and Consumption Promotion of the Ministry of Commerce (MOFCOM); and Mr. Meng Yue, deputy director general of the Department of Foreign Trade of MOFCOM.
Now, I'll give the floor to Ms. Li Yongjie for her introduction.
Li Yongjie:
Thank you. Good afternoon. First, thank you very much for your interest in and support for our commerce work. I am very pleased that my colleagues and I have the opportunity to meet with you today to discuss the development of our commerce work. Let me start by first discussing a few points.
In the recently concluded year of 2024, under the strong leadership of the Central Committee of the Communist Party of China (CPC) with Comrade Xi Jinping at its core, MOFCOM resolutely implemented the decisions and deployments of the Party Central Committee and the State Council, promoting high-quality development of commerce. Throughout the year, the overall operation of commerce remained stable and made steady progress, making a positive contribution to the recovery and improvement of the economy. Our achievements this year are mainly reflected in the following aspects:
First, domestic consumption grew steadily. Total retail sales of consumer goods in the first 11 months reached 44.3 trillion yuan, an increase of 3.5%. In terms of product consumption, well-known policies such as trade-in programs have driven sales of automobiles, home appliances, home renovations, and kitchen and bathroom products to exceed 1.3 trillion yuan. Among them, green and smart products are highly favored, especially new energy vehicles, first-class energy-efficient home appliances, smart home products, and so on. In terms of services, with the continuous emergence of new scenarios and new norms in consumption of services, the potential of consumption of services has been constantly released. In the first 11 months, retail sales of consumption of services increased by 6.4%, with information and entertainment consumption being particularly active.
Second, foreign trade reached a new high. The total value of imports and exports for the year was 43.8 trillion yuan, an increase of 5%, reaching a record high. Exports and imports grew by 7.1% and 2.3%, respectively. In the first 11 months, service imports and exports reached 6.7 trillion yuan, an increase of 14.2%. Total service imports and exports for the year are also expected to reach a record high. For example, with the active promotion of visa policies, the popularity of tourism to China continues to rise. According to statistics, travel service exports have increased by 1.5 times.
Third, the structure of investment attraction continued to improve. In the first 11 months, 52,000 new foreign-funded enterprises were established, attracting 749.7 billion yuan in foreign investment. We are continuously relaxing market access, with entry restrictions in the manufacturing sector fully lifted. High-tech manufacturing investment accounts for 11%. Pilot programs to open up service sectors such as telecommunications and health care are also being actively promoted, with many projects already in the negotiation and implementation stages.
Fourth, foreign investment and cooperation steadily progressed. In the first 11 months, non-financial outbound direct investment reached 915.2 billion yuan, an increase of 12.4%. The value of newly signed contracts for overseas contracted projects reached 1.4 trillion yuan, an increase of 13%. High-quality economic and trade cooperation under the Belt and Road Initiative (BRI) has been steadily advancing, with notable highlights emerging in areas such as green, digital and blue economy collaboration.
Fifth, fruitful achievements have been made in multilateral and bilateral economic and trade cooperation. In terms of multilateral efforts, we promoted the WTO's 13th Ministerial Conference to achieve practical results of "1+10." In 2024, we also reached agreements on investment and trade facilitation and e-commerce. Additionally, mechanisms such as the G20, BRICS, APEC and SCO also reached multiple economic and trade consensuses. In 2024, we continued to expand our "circle of friends" of free trade partners. Now, the trade proportion with free trade partners has exceeded one-third. For example, last year we substantially concluded the Version 3.0 China-ASEAN Free Trade Area (FTA) negotiations, signed a protocol to upgrade the bilateral free trade agreement with Peru, and promoted the implementation of free trade agreements or upgrade agreements with countries such as Serbia, the Maldives and Singapore. We also signed framework agreements on economic partnership for shared development with 23 African countries.
The period covered by the 14th Five-Year Plan will come to an end in 2025. We will thoroughly implement the deployments of the Central Economic Work Conference, focusing on stabilizing foreign trade and foreign investment, expanding consumption and high-level opening up to the outside world. With the real results of high-quality business development, we will make new contributions to the continuous recovery and improvement of the economy.
That is all for my introduction. My colleagues and I are now willing to answer your questions. Thank you.
Xing Huina:
The floor is now open for questions. Please identify your news outlet before asking your question.
China Daily:
The third plenary session of the 20th CPC Central Committee proposed improving systems for people from overseas in terms of residency, medical care and payment. What steps will you take next to implement the third plenary session's plans to further open up and attract foreign investment? Thank you.
Li Yongjie:
Thank you for your question. I will take this one. As you mentioned earlier, the third plenary session of the 20th CPC Central Committee proposed improving the systems for people from overseas in terms of residency, medical care and payment. As you can see, we have taken many measures in this regard in 2024, such as the continuous optimization of the entry-exit policies. At present, we have launched mutual visa-free policies with 25 countries and unilateral visa-free policies with 38 countries. These policies have made it more convenient for foreign investors attending conferences and exhibitions, conducting project negotiations and engaging in technical exchanges in China. In terms of foreign investment work in 2025, we will follow the decisions and deployments of the CPC Central Committee and the State Council to effectively reduce the negative list and improve the business environment while steadily expanding institutional opening up. I will also briefly introduce our plans.
First, we will further promote independent opening up and continuously expand market access. I mentioned earlier that we promoted the removal of restrictions on foreign investment access in the manufacturing sector in 2024. We also rolled out pilot programs for opening up the service sector, particularly in value-added telecommunications, biotechnology and wholly foreign-owned hospitals. Meanwhile, we have also introduced a negative list for cross-border service trade in pilot free trade zones (FTZ). The list proactively expands opening up in areas of professional qualifications, finance, professional services and culture. We believe this effort will further facilitate foreign individuals coming to China to provide services. Next, we will steadily promote the opening up of the service sector in accordance with the deployments of the Central Economic Work Conference, especially to expand pilot programs for opening up in areas of telecommunications, health care and education. Furthermore, we will revise the Catalog of Encouraged Industries for Foreign Investment to make our policies more attractive. This is what I mean by reducing the negative list through independent opening up.
Second, we will continue to make China a favored destination for foreign investment, creating and improving a world-class business environment. We will mainly carry out the work from the following two aspects. In 2024, we held 28 Invest in China roadshows at home and abroad to expand its influence. Next, we will continue holding events as part of the Invest in China series this year, expanding investment channels, enhancing the effectiveness of the exhibitions in attracting foreign investment, and supporting the investment promotion production factors to further burnish the credentials of "Invest in China." On the other hand, we have been deepening regular communication with foreign-invested enterprises. For example, we held 15 roundtable meetings with foreign-invested enterprises and coordinated to resolve over 300 issues faced by these enterprises in 2024. This year, we will further strengthen services and support for foreign-invested enterprises, making good use of the foreign-invested enterprise roundtables and other platforms to coordinate issues faced by foreign-invested enterprises in areas like qualification permits, standard setting and government procurement.
Third, we will proactively align with high-standard international economic and trade rules and build high-level opening up platforms. We will fully leverage the pioneering role of our opening up platforms. For example, we implemented an enhancement strategy last year in pilot FTZs. We have replicated and promoted the results of the first batch of institutional opening up, and introduced policies targeting different FTZs, such as the approved plan to build the China (Zhejiang) Pilot Free Trade Zone into a major commodity resource allocation hub. A symposium was held to mark the 40th anniversary of the national economic and technological development zones, which aims to guide these zones to enhance their openness and effectiveness. This year, we will continue to follow the requirements of the Central Economic Work Conference, expanding opening-up and attracting foreign investment by building high-level platforms. We will continue to promote the improvement and efficiency of pilot FTZs, implement the enhancement strategies, and expand the authorization of reform tasks according to local conditions. Pilot experiences of FTZs in Shanghai will be promoted and replicated to support each FTZ in aligning with international high-standard economic and trade rules, and expanding opening up testing. We will also improve policies for national economic and technological development zones and promote the construction of comprehensive pilot demonstrations for the expansion of China's service industry. In summary, through these opening up platforms, the level of institutional opening up will be further enhanced, and more foreign investment will be attracted. Thank you.
CNR:
In 2024, the scale of China's imports and exports exceeded 43 trillion yuan, setting a new record. How does MOFCOM evaluate the overall performance of foreign trade last year? And what other highlights are worth our attention? Thank you.
Li Yongjie:
Thank you. I would like to invite Mr. Meng to answer this question.
Meng Yue:
Thank you for your questions. In 2024, facing a complicated and challenging international environment, under the strong leadership of the CPC Central Committee and the State Council, and with the joint efforts of various localities, departments, and foreign trade enterprises, China's foreign trade faced up to the pressure and rose to the challenges. China's trade in goods reached new heights, its development quality steadily improved, and its contribution to global economic and trade development continued. There were three major highlights:
First, growth has become more stable. Trade volume reached new heights. In 2024, China's total trade in goods reached 43.85 trillion yuan, up 5% year on year, demonstrating strong resilience. Additionally, we actively expanded imports to share development opportunities. China's imports grew by 2.3% in 2024, reaching historic highs and maintaining its position as the world's second-largest importing country for 16 consecutive years. China has hosted seven sessions of the China International Import Expo (CIIE), providing a platform for high-quality global products to enter the Chinese market
Second, innovation vitality has become more abundant. For instance, the number of entities has continued to increase. In 2024, nearly 700,000 enterprises engaged in import and export trade. Moreover, China's foreign trade structure has been optimized. Chinese companies have placed greater emphasis on increasing the added value of their products. Mechanical and electrical products accounted for 59.4% of exports, while automobile exports exceeded 6 million units for the first time. Exports of energy storage products, smart home devices and other green, low-carbon, smart and digital products have grown rapidly. Meanwhile, traditional strengths like textiles and clothing have increasingly moved toward brand-driven, technology-enabled development. Additionally, new business models have continued to emerge. In 2024, China's cross-border e-commerce trade grew by 10.8%, with its share of total foreign trade rising to 6%, enabling more quality products to reach overseas consumers directly. Bonded maintenance has already been implemented in 270 projects, creating more opportunities for enterprise development.
Third, we've achieved a more open development structure. Our trading partners have become more diversified. China's trade with traditional markets has continued to grow, while trade with Belt and Road partner countries has increased to 50.3% of total foreign trade. China has become a major trading partner for more than 150 countries and regions, serving as a solid and reliable part of the global division of labor. Moreover, we have expanded our network of high-standard free trade agreements worldwide. China has signed free trade agreements with 30 countries and regions across five continents, bringing the total to 23 agreements. We have also made due contributions to global economic and trade development. According to the World Trade Organization, China's imports accounted for 20.3% of global import growth in the first three quarters, significantly boosting global economic recovery.
Overall, China's foreign trade performance in 2024 was encouraging, further demonstrating that openness and cooperation for mutual benefit remain key drivers of dynamic international trade. China will continue to expand high-level opening up, injecting greater stability into global economic growth. Thank you.
21st Century Business Herald:
The annual Central Economic Work Conference proposed vigorously boosting consumption and comprehensively expanding domestic demand. What positive progress was made in consumer goods trade-in programs in 2024? What other initiatives is MOFCOM considering to boost consumption in 2025? Thank you.
Li Yongjie:
I would like to invite Mr. Li to answer these questions.
Li Gang:
Thank you for your questions. Consumption is a key engine of economic growth, a crucial link in smoothing domestic circulation, and a direct reflection of people's needs for a better life. In 2024, MOFCOM faithfully implemented the decisions and plans of the CPC Central Committee and the State Council by advancing consumer goods trade-in programs, promoting high-quality development of service consumption, and launching "Consumption Promotion Year" activities to expand consumption. In the first 11 months, total retail sales of consumer goods reached 44.3 trillion yuan, up 3.5% from a year earlier. In particular, consumer goods trade-in programs have achieved positive results. According to preliminary statistics, more than 6.8 million cars were traded in nationwide in 2024. Through trade-in programs, over 36 million consumers purchased more than 56 million home appliances across eight categories. Additionally, approximately 60 million subsidized housing renovations and kitchen and bathroom products were sold, and more than 1.38 million electric bicycles were traded in for new ones. Sales of related products driven by consumer goods trade-in programs exceeded 1.3 trillion yuan. Trade-in programs have generated new consumption momentum, promoted green recycling and enhanced quality of life.
The Central Economic Work Conference emphasized the need to strongly boost consumption and expand domestic demand across all sectors. The Ministry of Commerce will earnestly implement and advance targeted initiatives to boost consumption and unlock consumer potential. We will focus on five key areas.
First, we will strengthen efforts to expand the consumer goods trade-in program to build a stable foundation for consumption. Recently, the central government earmarked an initial 81 billion yuan for the consumer goods trade-in program in 2025. This week, we will release implementation guidelines for the 2025 trade-in program, covering automobiles, home appliances, furniture, and electric bicycles, as well as subsidies for the purchase of mobile phones and other digital products. Next, we will streamline policy implementation procedures and enhance policy interpretation to help consumers better understand and access these benefits.
Second, we will expand consumption of consumer services and optimize the overall consumption structure. In 2024, the State Council unveiled a guideline on advancing the high-quality development of service consumption, with the Ministry of Commerce taking the lead in building a "1+N" policy framework for service consumption. Next, we will implement a comprehensive set of policies and launch initiatives to enhance service quality for public benefit. In collaboration with relevant departments, we will strengthen support policies in key sectors and organize promotional events such as the Service Consumption Season and Chinese Cuisine Festival. We will also promote the orderly opening up of sectors like telecommunications, education and health care. These efforts aim to enrich service offerings and better meet the public's growing demand for services.
Third, we will develop innovative consumption promotion activities to create a consumer-friendly environment. Together with local governments, we will organize diverse consumer promotion activities that appeal to the public, focusing on key time periods and product categories while integrating online and offline channels. Recently, we launched events, including a time-honored brands carnival and an online New Year goods festival to meet public demand during the New Year and Spring Festival shopping season. After the holiday, we will host additional promotions, including a consumption promotion month. We welcome everyone to stay tuned.
Fourth, we will foster and develop new forms of consumption to bring out greater vitality. We will guide local authorities to develop debut economy suited to their local conditions, actively promote digital, green and health-related consumption, create diverse consumption scenarios, and cultivate new growth drivers in consumer spending.
Fifth, we will enhance consumption conditions and optimize the consumption environment. We will accelerate the development of international consumption center cities and create a more welcoming international consumer environment. We will promote the renovation of pedestrian streets and commercial district facilities, modernize business operations, enhance services for elderly and child care, and develop 15-minute community life circles. We will intensify the implementation of the three-year action plan aimed at strengthening the nation's county-level commerce system, advance the renovation and upgrading of "thousands of markets and tens of thousands of stores," and continuously facilitate consumption for urban and rural residents. We will also advance the development of a unified national market and create a favorable consumption environment. Thank you.
Cover News:
Against a backdrop of increasing external risks and challenges, how should we view the foreign trade outlook for 2025? What measures will the Ministry of Commerce implement to promote the stable development of foreign trade? Thank you.
Li Yongjie:
Thank you for your questions. I would like to invite my colleague Mr. Meng to address these questions.
Meng Yue:
Thank you for your questions. Currently, global economic growth momentum is clearly insufficient. Unilateralism and protectionism are rising, global trade barriers are multiplying, geopolitical impacts are intensifying. Both security of global industrial and supply chains and the global trade order face significant challenges. This external environment poses challenges for both China and other economies worldwide.
However, we should also note that many favorable conditions remain for foreign trade development in 2025. First, global trade and economic recovery continue, with the World Trade Organization projecting a 3% increase in global merchandise trade volume this year. Second, China's economy maintains a steady recovery, with macroeconomic policies showing cumulative effects and effectively boosting market confidence. Third, new drivers of foreign trade are emerging more rapidly, with green and digital transformation gaining momentum. Fourth, policies aimed at stabilizing foreign trade continue to show their effectiveness, providing more support for enterprises to innovate, upgrade and expand into international markets. Fifth, China's opening-up has reached new heights. China's ultra-large-scale market provides more opportunities for global goods.
In 2025, we will continue to expand high-level opening-up, with a focus on high-quality development, to promote stable growth in foreign trade.
First, we will accelerate the implementation of various policy measures. Last year, we introduced a series of measures, including a slew of policy measures to promote the steady growth of foreign trade. Looking ahead, we will work with local governments and departments to focus on policy implementation, promote effective practices and help foreign trade enterprises secure orders while resolving bottlenecks to ensure stable trade development.
Second, we will speed up fostering new growth drivers for foreign trade. In line with the trend of trade digitalization, we will expand the use of electronic trade documents and promote the full digitalization of the trade chain. We will actively expand green trade, help foreign trade enterprises strengthen their green and low-carbon development, promote the development of overseas smart logistics platforms, and support qualified regions in hosting cross-border e-commerce trade fairs and supply-demand matchmaking events. These initiatives will create more platforms for enterprise networking and promotion. Additionally, we will promote the sustained and healthy development of bonded maintenance services while expanding the scope of maintenance products and regions in an orderly manner.
Third, we will strengthen support services for businesses. We will continue organizing specialized training sessions focusing on green trade and cross-border e-commerce to strengthen foreign trade enterprises' development capabilities. We will continue publishing country-specific trade guidelines and foreign trade promotion materials to improve information sharing between Chinese and international businesses. We aim to actively expand the network of high-standard free trade zones globally, negotiate and establish a new working group on trade facilitation, and pragmatically address bottlenecks and difficulties in bilateral trade to create more business opportunities.
Fourth, we will actively expand imports. While meeting domestic production and consumption needs, we aim to share development opportunities with countries worldwide. China will continue leveraging major trade platforms including the China International Import Expo (CIIE), China International Consumer Products Expo, and the Canton Fair Import Exhibition. We will develop national import trade innovation demonstration zones, further open up the market and expand import potential, transforming China's vast market into global opportunities. Thank you.
Xing Huina:
Please raise your hands if you have any questions.
Phoenix TV:
What progress was made in promoting high-quality Belt and Road cooperation in 2024? Specifically, in the area of economic and trade cooperation, what are the key considerations for 2025? Thank you.
Li Yongjie:
Thank you for your questions. I will address them. In December of last year, General Secretary Xi Jinping delivered an important speech at the fourth symposium on building the Belt and Road, providing guidance for advancing the high-quality development of the BRI.
During the past year, MOFCOM, together with relevant parties, continued to deepen Belt and Road economic and trade cooperation, promoted the development of an open world economy and facilitated mutual benefits among all participating countries. I would like to briefly outline our efforts in the following three aspects:
First, trade cooperation continued to expand. In 2024, China's total trade volume with BRI countries reached 22.1 trillion yuan. On the import side, nearly 54% of our imported goods came from BRI countries. As my colleague just mentioned, China's vast market continues to provide development opportunities for countries worldwide. On the export side, our exports to BRI partner countries included not only consumer goods but also equipment and components, which helped promote industrial development in participating countries.
Second, bilateral investment deepened. In the first 11 months of last year, China's non-financial direct investment in BRI countries totaled 214.66 billion yuan, while these countries invested 99.87 billion yuan in China. We signed 36 new investment cooperation agreements, primarily focusing on emerging sectors such as the green economy, digital economy and blue economy. China also deepened industrial cooperation with countries like Malaysia and Indonesia under the model of "Two Countries, Twin Parks."
Third, key projects were implemented. In the first 11 months of last year, Chinese contractors completed projects worth 826.34 billion yuan in BRI countries. We also implemented more than 700 aid projects in BRI countries, ranging from landmark projects to "small and beautiful" projects. These projects helped host countries improve their development conditions.
Looking ahead to this year, we will continue to thoroughly study General Secretary Xi Jinping's important speeches and implement the Central Economic Work Conference guidelines. We will focus on four aspects to advance substantive progress in high-quality Belt and Road cooperation. These main aspects are as follows:
First, we will strengthen international cooperation on industrial and supply chains. We will actively expand trade, investment and industrial cooperation with BRI countries and further leverage the role of overseas economic and trade cooperation zones and "Two Countries, Twin Parks" platforms. We will continue to successfully host major exhibitions like CIIE and regional events such as the China-ASEAN Expo to pragmatically promote the further development of two-way trade and investment.
Second, we will deepen cooperation on practical projects. We will promote both landmark projects and "small and beautiful" livelihoods initiatives. We will enhance the quality and efficiency of our overseas contracted projects, collaborate with BRI partners on key infrastructure development and operations, and develop a multidimensional connectivity network. Additionally, we will work to implement more "small and beautiful" projects that deliver results, supporting BRI countries in improving people's livelihoods.
Third, we will expand cooperation in emerging sectors. We will continue to strengthen practical cooperation in areas such as the digital economy, clean energy and green mining. Additionally, we will deepen international cooperation in Silk Road e-commerce to help BRI countries achieve green development and digital transformation.
Fourth, we will improve economic and trade cooperation mechanisms. We will negotiate and conclude free trade agreements and bilateral investment treaties with more BRI countries and establish cooperation frameworks for digital and green economy initiatives. We will leverage mechanisms like bilateral economic and trade joint commissions and working groups for trade facilitation and investment cooperation to enhance communication and coordination with BRI countries, creating new highlights and delivering tangible results. Thank you.
Bloomberg News:
I have two questions. First, regarding export controls. We know China has criticized the United States for imposing export controls on high-tech products, citing national security concerns. However, China has now begun implementing similar measures, recently controlling exports of metal processing technology and drones. What are the objectives of these controls? How do these export restrictions or prohibitions contribute to China's national security? Second, yesterday, the European Union criticized China for discrimination in medical device procurement, while Mr. Meng just spoke about improving business conditions for foreign-invested firms. Will you change how local governments across China procure goods, such as medical devices, so there is a level playing field for foreign firms? Thank you.
Li Yongjie:
Thank you for your questions. With regard to the EU comments mentioned in your question, please direct your inquiry to the relevant department. I want to emphasize that if foreign companies operating in China encounter any issues, they may report these to either their local commerce authorities or the Ministry of Commerce. As for your question about export controls, I'll ask my colleague, Mr. Meng, to provide a response.
Meng Yue:
I'm glad to answer your question. The Chinese government has consistently implemented export controls in a prudent and measured manner, with the aim of safeguarding national security and fulfilling our international obligations. The dual-use items we recently added to the control list clearly have both military and civilian applications. China's export controls on these items demonstrate its firm commitment to maintaining world peace and regional stability, serving both China's national security interests and the broader goal of global security. Thank you.
International Business Daily:
We note that as of early 2025, both the China-Singapore Free Trade Agreement Further Upgrade Protocol and the China-Maldives Free Trade Agreement have officially taken effect. Could you please outline the Ministry of Commerce's efforts in 2024 to expand its network of high-standard free trade zones and further enhance opening-up measures? What new initiatives are planned for 2025? Thank you.
Li Yongjie:
Thank you for your question. Let me address this matter. We appreciate your interest in the Ministry of Commerce's work on free trade agreement negotiations. As outlined at the third plenary session of the 20th CPC Central Committee, China is committed to expanding its network of high-standard free trade zones with global partners. As my colleague noted earlier in response to questions about foreign trade, China has now signed 23 free trade agreements with 30 countries and regions. Our free trade partners span five continents, and our network of free trade zones continues to expand and deepen.
In 2024, we achieved new milestones in free trade zone development, broadening our network of free trade partners. First, a batch of free trade agreements officially came into effect, including four free trade agreements with Nicaragua, Ecuador, Serbia and the Maldives, a further upgrade protocol to the free trade agreement with Singapore, and an early harvest arrangement for the free trade agreement with Honduras. Several free trade arrangements have also achieved phased progress. For example, we have signed a trade in services and investment agreement with Belarus, and an upgrade protocol to the free trade agreement with Peru. As mentioned in my opening remarks, we have essentially concluded Version 3.0 China-ASEAN FTA negotiations. We have also launched a series of free trade negotiations, including initiating free trade agreement negotiations with El Salvador, beginning upgrade negotiations for the free trade agreement with Switzerland, and conducting negative list negotiations for the free trade agreement with New Zealand.
Beyond expanding our network of free trade partners, we have also enhanced the level of openness in our free trade agreements. The scope of our free trade agreements continues to expand. In addition to the familiar tariff concessions, our newly signed agreements now extensively cover negative lists for trade in services and investment, mutual recognition and cooperation in standards, as well as digital economy cooperation. These institutional arrangements for high-standard opening up will bring tangible benefits to businesses and people in both China and our free trade partner countries. Let me give two examples. First, as you mentioned, the China-Singapore Free Trade Agreement Further Upgrade Protocol took effect on Dec. 31, 2024. In this protocol, China and Singapore have made high-standard commitments to services and investment liberalization using a negative list approach, significantly reducing market access restrictions. This will further unlock bilateral cooperation potential and deepen the comprehensive, high-quality and forward-looking partnership between our two countries. Another example is the China-Maldives Free Trade Agreement, which you mentioned earlier, that took effect Jan. 1, 2025. Under this agreement, both sides will ultimately achieve zero tariffs on more than 95% of tariff lines and import value. The parties have also agreed to further open their service sectors and promote and protect two-way investment. This serves as a practical measure to implement the important consensus reached by the two countries' leaders and enhance their comprehensive strategic partnership.
In 2025, our free trade agreement negotiation agenda remains substantial. We will continue to actively pursue membership in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Digital Economy Partnership Agreement (DEPA), engage with member countries, and advance domestic reforms to align with these agreements' standards. We will also advance negotiations for new free trade agreements or upgrades to existing ones with several partners, including the Gulf Cooperation Council, Honduras, El Salvador, New Zealand, South Korea, Switzerland and others. We will work toward signing Version 3.0 of the China-ASEAN FTA on schedule and negotiate free trade agreements with additional interested countries and regions to expand our global network of high-standard free trade zones. At the same time, we will ensure high-quality implementation of existing free trade agreements, such as RCEP, so that these agreements can better serve businesses and people in both China and our free trade partner countries. Thank you.
China Financial and Economic News:
As trade in services takes on an increasingly prominent role in international trade, could you outline the Ministry of Commerce's efforts to promote its high-quality development? What future plans and measures are being considered? Thank you.
Li Yongjie:
Thank you. I'll ask my colleague, Mr. Meng, to address this question.
Meng Yue:
Thank you for your question. In recent years, China's trade in services has developed rapidly, with steadily expanding trade volume, continuous structural optimization, and strengthening international competitiveness. From January to November last year, China's trade in services maintained strong growth momentum, with total imports and exports reaching 6.7 trillion yuan, up 14.2% year on year. Exports rose by 17.2%, while imports grew by 12.2%. Total service trade volume for the year is expected to exceed $1 trillion for the first time.
In August last year, the State Council officially issued the Opinions on Promoting High-Quality Development of Trade in Services through High-Standard Opening Up, offering a comprehensive and systematic plan for developing trade in services under the new circumstances. Going forward, MOFCOM will implement the decisions of the CPC Central Committee and the State Council, promote the implementation of various policies and measures in the opinions, and boost trade in services through innovation in three key areas to foster high-quality development.
First, we will take innovative measures to enhance the level of institutional opening up. We will fully apply the negative list for cross-border trade in services and promote the opening up of cross-border trade in services in a phased and orderly manner. We will proactively align with high international standards for economics and trade, and promote the consistency and compatibility of rules, regulations, management practices and standards in the service trade sector. We will launch the construction of national demonstration zones for the innovative development of trade in services and create a number of demonstration platforms for comprehensive reform and opening up in the service trade sector. We will implement an action plan for trade in services standardization to improve the level of standardization in trade in services.
Second, we will take innovative measures to enhance new business forms and models. We will adapt to the digital and green development trends in trade in services and actively cultivate new drivers of growth in trade in services. We will support professional service organizations, such as those in finance, consulting, design, and certification and accreditation, to enhance their capacity to provide international services. We will develop green technology trade and green trade in services. We will innovate the "bonded+trade in services" regulatory model to promote the integrated development of trade in services and trade in goods.
Third, we will take innovative measures to enhance international cooperation mechanisms. We will further expand multilateral, bilateral and regional cooperation mechanisms for trade in services and digital trade. We will continue to leverage the role of major exhibition platforms such as the China International Fair for Trade in Services. We will support qualified regions in building international cooperation parks for trade in services and continuously optimize the environment for opening up and cooperation. Thank you.
CCTV:
We would like to understand, how was the consumer market performing in 2024, and what were its main characteristics? How do you assess the trends in the consumer market for 2025? Thank you.
Li Yongjie:
Thank you for your questions. My colleague Mr. Li Gang will answer them.
Li Gang:
Thanks for your questions. In 2024, China's consumer market generally maintained a stable development trend. From January to November, total retail sales of consumer goods reached 44.3 trillion yuan, a year-on-year increase of 3.5%. The consumer market mainly exhibited the following characteristics.
First, strong growth in bulk consumption. The policy of trading in old consumer goods for new ones has been remarkably effective. In particular, since the implementation of strengthened support policies in July, sales of key commodities such as automobiles, home appliances and home furnishings have seen a significant rebound and positive trend. From January to November, retail sales of home appliances and furniture by enterprises above designated size increased by 9.6% and 2.9% year on year, respectively. In November alone, these figures rose by 22.2% and 10.5%, respectively. Passenger vehicle retail sales grew by 4.7% year on year.
Second, high demand for services consumption. As policies promoting the high-quality development of service consumption are implemented and take effect, consumption scenarios continue to expand, resulting in rapid growth in service consumption. From January to November, retail service sales grew 6.4% year on year. Cultural and tourism consumption remains active; in the first three quarters, the number of domestic tourist trips and total travel expenditure increased 15.3% and 17.9%, respectively.
Third, numerous highlights in new forms of consumption. New technologies such as big data, artificial intelligence (AI) and virtual reality are being rapidly applied, stimulating new drivers of consumption. From January to November, national online retail sales increased 7.4%. During the "Double 11" shopping festival, sales of smart learning devices, smart headphones and other products more than doubled. Green consumption is increasingly embraced by consumers. From January to November, retail sales of new energy passenger vehicles increased 41.2% year on year, with a penetration rate exceeding 50% for five consecutive months.
Fourth, strong dynamism in county-level consumption. Improved county-level commercial systems and steady increases in farmers' incomes have boosted the vitality of consumer markets at the county level. In the first three quarters, per capita consumption expenditure for rural residents increased 6.5% year on year. Rural retail sales of consumer goods totaled 6 trillion yuan from January to November, up 4.3% year on year.
Looking ahead to 2025, China's economy has a stable foundation, many advantages, strong resilience and great potential, ensuring the support conditions and basic trends of long-term growth remain unchanged. As policies and measures for boosting consumption continue to take effect, the consumer market is expected to maintain steady growth. Thank you.
Xing Huina:
Due to time constraints, we will take one last question. Please raise your hand to ask a question.
China News Service:
In recent years, China's green transition has been accelerating. What measures did MOFCOM take to promote green trade in 2024? And what are your considerations going forward? Thank you.
Li Yongjie:
Thank you for your questions. I would like to invite Mr. Meng to answer this question.
Meng Yue:
Thank you for your questions. The international community has reached a common consensus about advancing the transition to green and low-carbon economic and social development, and developing green trade has also become an overwhelming trend. The CPC Central Committee and the State Council have attached great importance to green trade. The third plenary session of the 20th CPC Central Committee and the Central Economic Work Conference have both issued arrangements, proposing actively developing green trade.
In recent years, Chinese foreign trade enterprises have actively adapted to the trend of green trade and transformed the philosophy of green and low-carbon development into high-quality products, enriching global supply, and making significant contributions to global efforts to address climate change. China's new energy vehicles, wind power equipment and other products are highly aligned with current demands and trends in the international market, and are favored by global consumers. They have become a widely acclaimed symbol through which China shares the achievements of its green transition and development with the world. The International Renewable Energy Agency reported that over the past decade, the global average costs of generating one kilowatt-hour of electricity from wind and photovoltaic power have decreased by more than 60% and 80%, respectively, largely thanks to contributions from China.
Since 2024, MOFCOM has been tracking the development trends of green trade and has gained an in-depth understanding of the needs of foreign trade enterprises in this area. Through organizing specialized training, compiling knowledge manuals, selecting best practices and launching public service platforms, MOFCOM has guided foreign trade enterprises to pursue green and low-carbon development, accelerating the green transition of foreign trade industrial and supply chains.
In the next phase, in accordance with the requirements of the Central Economic Work Conference, we will actively develop green trade, focusing on the following three aspects: First, we will introduce policies. We will work with the National Development and Reform Commission, Ministry of Industry and Information Technology, Ministry of Ecology and Environment, and other departments to form synergies, promptly introduce special policies for the development of green trade, expand the import and export of related products and services, and promote green and low-carbon development throughout the entire process of foreign trade. Second, we will optimize services We will further optimize public services such as service platforms and specialized training and strengthen explanations of policies and regulations, the sharing of market information and promotion of excellent experiences, to enhance the awareness and capabilities of foreign trade enterprises in pursuing green and low-carbon development. At the same time, we will promote contact between third-party carbon service agencies and foreign trade enterprises to improve the quality and efficiency of carbon services such as carbon footprint certification. Third, we will promote cooperation. We will continue to actively participate in negotiations on high-standard trade and economic agreement through multilateral and bilateral channels and expand international cooperation in the green and low-carbon sectors to make positive contributions to promoting global green trade development. Thank you.
Xing Huina:
Today's briefing is hereby concluded. Any reporters with additional questions may contact us after the briefing. Thank you to all the speakers and friends from the media. Goodbye.
Translated and edited by Wang Yiming, Chen Xinyan, Yan Bin, Wang Xingguang, Cui Can, Mi Xingang, Xu Kailin, Wang Qian, Li Xiao, Huang Shan, Fan Junmei, Li Huiru, David Ball, and Jay Birbeck. In case of any discrepancy between the English and Chinese texts, the Chinese version is deemed to prevail.
