He Yongqian: Members of the press, good afternoon. Welcome to MOFCOM Regular Press Conference. I have no announcements to make today and would like to take your questions.

CMG: We have noted that the China International Consumer Center City Premium Consumption Month was officially launched last week. Could you brief us on the current activities?

He Yongqian: Thank you for your question. MOFCOM has earnestly implemented the decisions and arrangements of the CPC Central Committee and the State Council, launched the China International Consumption Center City Premium Consumption Month in Shanghai, Beijing, Guangzhou, Tianjin and Chongqing, and focused on creating a leading platform for consumption promotion, debut economy and benefits for the people. On November 3, the five cities launched the month-long activities simultaneously. The following activities have been carried out:

In terms of the premium debut season, Shanghai organized a series of activities during the China International Import Expo, including the CIIE Debut Season and the Jeux de mains. More than 400 activities were held to launch new products during the 136th Canton Fair. Chongqing held the International Golden Street Show to create a platform for launching new shows and products.

In terms of premium shopping and food, major shopping malls, shopping centers and outlets in Shanghai and Beijing have launched promotional activities. Guangzhou held the Canton Fair Consumption Festival, organizing large shopping malls, shopping centers, brand merchants to launch exclusive promotions during the Canton Fair. The 2024 Guangzhou International Gourmet Festival was held, attracting 175,000 visitors in the first five days of the event. Chongqing held the Fourth Jiefangbei International Consumption Carnival, promoting renowned international brands, domestic brands and products that incorporate Chinese traditional style and culture, as well as premium products from Chongqing.

In terms of premium tourism and exhibitions, Shanghai has launched JZ Festival, Shanghai International Trendy Sports Festival, Shanghai International Artwork Trade Week and other activities, unveiling a number of high-quality musicals, concerts and art exhibitions. Beijing held the 2024 Beijing International Cultural and Tourism Consumption Expo and the Beijing Marathon to stimulate the consumption through cultural and tourism events. Tianjin organized and carried out a series of activities of Tianjin Exhibition and Performance, launching a number of concerts, dramas and musicals for citizens and tourists.

Going forward, we will help the five cities continue to launch premium consumption month activities, encourage businesses to roll out more new products, enrich the consumption scenarios, and bring more benefits to consumers. You are welcome to stay tuned and cover these activities. Thank you.

FJTV: The EU’s additional tariffs on China’s electric vehicles have come into effect. The EU said that talks on the details can continue in the future. Does this mean that the two sides can still reach an agreement through negotiations? Will the two sides strive to reach an agreement on price undertakings in this round of negotiations?

He Yongqian: On October 25, Minister Wang Wentao and the European Commission’s Executive Vice President and Commissioner for Trade Valdis Dombrovskis held a video call, reaffirmed political commitment to resolving differences in the EV dispute through talks and made it clear to resolve the case through price undertakings. On October 29, the European side announced the final ruling and said that it would continue to negotiate with China on price undertakings. The European technical team arrived in Beijing on November 2. At present, the two sides are engaging in intensive consultations on specific contents of price undertakings based on pragmatic and balanced principles. Thank you.

Southern Metropolis Daily: Recently, MOFCOM and five other ministries issued the Measures for the Administration of Strategic Investment in Listed Companies by Foreign Investors. How will the measure facilitate FDI inflow to China? What will MOFCOM do to implement the relevant contents of the measures?

He Yongqian: In order to implement the decision and arrangement of the CPC Central Committee and the State Council on intensifying efforts to attract and stabilize FDI, MOFCOM, China Securities Regulatory Commission, the State-owned Assets Supervision and Administration Commission, the State Taxation Administration, the State Administration for Market Regulation and the State Administration of Foreign Exchange revised the Measures for the Administration of Strategic Investment in Listed Companies by Foreign Investors in the principle of further expanding opening-up, supporting long-term investment and value investing, and preventing and defusing risks. The revised Measures was promulgated on November 1, 2024, and took effect on December 2.

The new Measures reduced the threshold for strategic investment and broadened investment channels, which are mainly reflected in four aspects: first, they allow foreign natural persons to make strategic investment. Second, the requirements on foreign investors' overseas assets are relaxed. Third, they increased investment pathways for tender offer. In the case of a cross-border share swap through private placement or tender offer, foreign investors’ equity in overseas unlisted companies can be considered. Fourth, they relaxed the requirement on the shareholding ratio and shareholding lock-up period. For strategic investment implemented through transfer by agreement or tender offer, the shareholding ratio of foreign investors is reduced from 10% to 5%. For private placement of shares, the requirement on shareholding ratio is eliminated. The shareholding lock-up period for foreign investors has been reduced from no less than three years to no less than 12 months, subject to any new requirements on the lock-up period in the future. These measures will help attract more high-quality foreign investment to listed companies and promote the development of relevant industries and the healthy and stable development of China's capital market. The new Measures also established a coordinated regulatory structure featuring market self-discipline, government supervision and public oversight, which can effectively defuse risks while steadily expanding opening-up.

In the next step, we will strengthen the publicity and interpretation of the measures for local commercial authorities, foreign investors, foreign-funded enterprises and business associations by holding training sessions and roundtables for foreign-funded enterprises. We will work with the China Securities Regulatory Commission and other departments to ensure that the new regulations are implemented as soon as possible. Thank you.

CNBC: The US has just concluded its presidential election. How does the Ministry of Commerce view the possibility of further US tariffs on China and what measures might be taken in response? How do you view the US restrictions on China's high-tech sectors? What countermeasures does China plan to take?

He Yongqian: Following the principles of mutual respect, peaceful coexistence and win-win cooperation, China is willing to strengthen communication, expand cooperation and resolve differences with the United States, and work together to promote the steady, healthy and sustainable development of China-US economic and trade relations to bring more benefits to the two countries and the world. Thank you.