He Yadong: Friends from the press, good afternoon. Welcome to the regular press conference of the Ministry of Commerce. Today, I have two pieces of information to share with you.

The first is about the upcoming landmark event of the Invest in China campaign.

In order to implement the work plan of the Central Economic Work Conference on building the "Invest in China" brand and continue to build a market-oriented, law-based and internationalized business environment, the Ministry of Commerce will launch the "Invest in China" brand campaign this year to create favorable conditions for investors from all over the world to enter, understand and invest in China.

At present, the "Invest in China" events are under preparation and will be carried out one after another. On March 26, the Ministry of Commerce and the Beijing Municipal People's Government will jointly hold the first landmark event of the "Invest in China" campaign at the China National Convention Center. It will include speeches by Chinese leaders, speeches by representatives of multinational companies, foreign investment policy promotion and interpretation, and exchanges between sub-national governments and senior executives of multinational companies. In addition, we have designed three field visit routes for representatives of multinational companies to choose from. So far, more than 100 executives of multinational companies and representatives of foreign business associations have signed up for participation.

We encourage multinational companies to take an active part in the "Invest in China" campaign, visit more places in China, and see for themselves the transformation under Chinese modernization. We will actively organize overseas activities to publicize China's resource endowment, industrial foundation and business environment. We hope that foreign investors will continue to choose China and unlock the Chinese market to share the dividends of China's high-quality development. We will release relevant information on the event timely. Please stay tuned.

The second piece of information is about China’s outbound investment and cooperation in the first two months of this year.

In the first two months of 2024, China’s outbound non-financial direct investment reached 149.64 billion yuan, up 10% year on year. Among them, non-financial direct investment by Chinese enterprises in Belt and Road partner countries reached 33.18 billion yuan, up 0.6% year on year.

In the first two months of 2024, overseas projects contracted by Chinese companies delivered a revenue of 138.06 billion yuan, up by 9% year on year. Newly signed contracts reached 195.12 billion yuan, up by 12.1% year on year. In particular, projects contracted by Chinese enterprises in Belt and Road partner countries registered 111.42 billion yuan of revenue, up 9.6% year on year. The value of newly signed contracts reached 162.86 billion yuan, up by 17.7% year-on-year.

That is all the information I have to share with you. Now I would like to take your questions.

The Cover: The Australian Anti-Dumping Commission recently announced that it has decided not to continue anti-dumping measures for wind towers imported from China. What’s your comment?

He Yadong: China has taken notice of the Australian Anti-Dumping Commission’s final report of the sunset review of anti-dumping measures for wind towers imported from China, released on March 15, with a decision that the measures will expire on April 16, 2024. China welcomes this decision. China and Australia share enormous room for cooperation in clean energy. China is ready to step up cooperation with Australia to join global response to climate change. At the same time, we hope Australia will continue to work with China through dialogues and cooperation to address differences with regard to trade and end other trade remedy measures targeting China as early as possible. Thank you.

Economic Information Daily: MOFCOM and Chongqing Municipality will co-host a CIIE-themed business promotion activity. Could you please talk more about it?

He Yadong: Just now I talked about the Invest in China brand. The CIIE is a major platform for two-way openness and a window and bridge for foreign investors to understand and access China.

From April 1 to 3, MOFCOM and the People’s Government of Chongqing Municipality will co-host CIIE in Chongqing: To Boost Dual Circulation by Introducing More Foreign Investment, the first provincial CIIE promotion event this year and an important part of the Invest in China brand. This event will engage a greater variety of businesses, fully utilize Chongqing’s unique position, resource endowment and featured industries, and invite CIIE participants, investment promotion agencies and multinational companies in a more targeted manner. The event will include diverse activities, including roundtables for FIEs, investment promotion sessions and special matchmaking fairs. The event will magnify the CIIE’s spillovers, turn more exhibits into merchandise and more exhibitors into investors, and boost development of the Chengdu-Chongqing economic zone.

Preparations of the event are moving forward in an orderly fashion. We look forward to your attention. Thank you.

Shenzhen TV: It is reported that the Biden administration plans to provide several billion dollars in subsidies and loans to the chipmakers Intel, Samsung, and TSMC to assist them in expanding production in the U.S. Analysts point out that the U.S. aims to reduce dependencies on semiconductor supplies from the Chinese mainland and the Taiwan region. Is China worried that its semiconductor production capacity will be replaced?

He Yandong: The semiconductor industry is highly globalized. After decades of development, industry players are already interdependent on each other, as a result of interplay between resource endowment, laws of the market and other factors.

For some time, the U.S. has overgeneralized the concept of national security, abused export control measures and artificially severed the global semiconductor supply chain. The U.S. has taken discriminatory measures, by offering substantial subsidies and tax incentives to its local chip industry and introducing provisions forcing companies to choose the U.S. over China, which run counter to laws of the market and international economic and trade rules, and will distort the global semiconductor industrial chain.

China is committed to high-level opening-up. Semiconductor companies from around the world are welcome to invest in China and find partners here, so as to contribute to stable, healthy and growing global semiconductor supply chains. Thank you.

Reuters: China’s Foreign Minister Wang Yi recently visited Australia and New Zealand. Could you provide any update on China’s application to join the CPTPP?

He Yandong: Since applying to join the CPTPP, China has conducted communication and consultations with CPTPP members according to the accession procedures. China has fully, comprehensively and thoroughly studied and assessed the content of the agreement. It has advanced policy adjustments, law amendments and legislative work in related fields with reference to CPTPP rules, and made preparations for market access offers regarding trade in goods, trade in services and investment. China is fully confident in and capable of meeting the high standards of the agreement. At the same time, to promote alignment with high-standard international economic and trade rules, we have launched reforms and pilot programs in relevant fields, and have made good progress.

In the next step, China will continue to engage deeply with CPTPP members through carious channels and at all levels in accordance with relevant procedures, and move forward with the accession process. Thank you.

Bloomberg: The U.S. Department of Commerce is considering adding several Chinese chip companies with connection to Huawei to the sanctions list. What’s MOFCOM’s comment?

He Yandong: We are aware of the reports. China opposes attempts to politicize and weaponize trade and technological issues. In recent years, the U.S. has abused export control measures and unreasonably sanctioned and suppressed Chinese companies, seriously disrupting global industry and supply chains. Such practices serve the interest of none. Should the U.S. leverages state power and impose sanctions targeting more Chinese companies on the ground of so-called “connections” on top of existing oppression against Huawei, it would be a prime example of economic bullying that is inconsistent with international economic and trade rules, harmful to the international economic and trade order, and despicable for the international economic and trade community. China urges the U.S. not to take the wrong actions. It will take necessary measures as appropriate to protect the lawful rights and interests of Chinese companies. Thank you.

(All information published on this website is authentic in Chinese. English is provided for reference only.)