He Yadong: Friends from the press, good afternoon. Welcome to MOFCOM regular press conference. I have no briefing to make today.

The floor is open.

Cover: It is reported that the US Chamber of Commerce told members in a recent email that the Biden administration is set to unveil new export restrictions on China as soon as this week. The new regulations could add as many as 200 Chinese chip companies to a trade restriction list that bars most US suppliers from shipping goods to the targeted companies. What’s your comment?

He Yadong: We have noted relevant report. China firmly opposes overstretching the concept of national security, abusing export control measures and imposing discriminatory restrictions on Chinese businesses. These measures not only cause severe disruption to international trade order and the security and stability of global industrial supply chains but also damage the interests of both Chinese and US businesses, and even severely impact the global semiconductor industry. China hopes the US can respect the laws of market economy and the principle of fair competition. If the US insists on escalating the export control, China will take necessary measures to protect the legitimate rights and interests of Chinese companies. Thank you.

CCTV: During his recent visit to China, Senior Minister of Singapore Lee Hsien Loong met with Chinese leaders and attended the events commemorating the 30th anniversary of the Suzhou Industrial Park, where he witnessed the signing of the cooperation initiative on promoting the high-quality development of the SIP and the MOU on digital trade cooperation in SIP. Could you please give a briefing on that? What will MOFCOM do to support the development of the SIP?

He Yadong: The SIP is the first government-to-government cooperation project between China and Singapore planned and promoted personally by the leaders of the two countries. This year marks the 30th anniversary of the SIP. Thanks to the close cooperation and joint efforts of both sides, the SIP has achieved three milestones, each surpassing the “trillion” mark: a cumulative tax revenue of 1.09 trillion yuan, total fixed asset investments of 1.1 trillion yuan and total import and export value of 1.54 trillion dollars.

The cooperation initiative on promoting the high-quality development of the SIP (2024-2033) signed by the two governments has specified that based on the new positioning of the China-Singapore relationship, which is upgraded by the two leaders to an all-round, high-quality and future-oriented partnership, the two sides will use the SIP as a strategic platform and deepen cooperation on two-way opening up in investment and trade, technological innovation, industry collaboration, social governance and communication and exchange to see that the SIP will continue to play its role as a path-finder in China-Singapore cooperation.

MOFCOM and the Ministry of Trade and Industry of Singapore signed the MOU on digital trade cooperation in the SIP to enhance digital trade cooperation on secure cross-border data flows, business and trade facilitation, international shipping information exchange, China-Singapore Digital Trade Cluster and information exchanges and sharing of best practices.

Going forward, MOFCOM will conscientiously implement the instructions President Xi Jinping has made in relation to the development of the SIP and the decisions of the Third Plenary Session of the 20th CPC Central Committee on comprehensively deepening reform. MOFCOM will work closely with relevant ministries of the State Council and Jiangsu Province to push for real progress in the reform tasks set out in the Several Measures to Support Suzhou Industrial Park in Deepening the Comprehensive Experiment on Opening-up and Innovation. We will work together with Singapore to promote cooperation on green development, digital economy and bio-pharmaceuticals and build the SIP into a world-class high-tech park. Thank you.

MNI: Bernd Lange, chairman of the European Parliament's International Trade Committee, said in a recent interview with German media that China and the EU are close to reaching a price undertaking agreement on electric vehicles. Does China's Ministry of Commerce agree with Bernd Lange's comments? Do you have any other updates to share?

He Yadong: China has taken note of the reports. It is the shared wish of many sectors in China and the EU to properly address the EU's anti-subsidy tariffs electric vehicles. Following the consensus in principle reached by the two sides, the technical teams of China and the EU have carried out intensive consultations over price undertakings and made some progress through hard work. Negotiations are still ongoing. China hopes that the two sides will meet each other halfway, accommodate each other's legitimate concerns with pragmatic and balanced approach, meet the expectations of various sectors in China and the EU, and work together to deliver outcomes through the consultations. Thank you.

Reuters: President Trump said he would impose a 10% tariff on imports from China on his first day in office. What is the response of China's Ministry of Commerce? What does China plan to do before Trump returns to the White House? There are widespread fears of a second trade war between China and the United States. Is China prepared for the worst?

He Yadong: China’s consistent position is to oppose unilateral tariffs. The US must abide by WTO rules and work with China for stable and sustainable development of China-US economic and trade relations in accordance with the principle of mutual respect, peaceful coexistence and win-win cooperation. Thank you.