He Yadong: Friends from the media, good afternoon. Welcome to MOFCOM’s regular press conference. Since I don’t have any announcement to make, I would like to take your questions.

The floor is open.

Phoenix TV: According to the recent China Business Climate Survey (BCS) Report released by the American Chamber of Commerce in China, in 2023, the financial performance of US companies in China, their expectations regarding China’s development prospects, and willingness to invest in China have improved, and most of the surveyed enterprises will still keep their business in China. What’s MOFCOM’s comment?

He Yadong: We have noted the report. The latest BCS Report shows that American companies recognize China’s economic recovery and continuous improvement of the business environment, which speaks to the confidence of multinational companies in investing and deepening their roots in China. This is another example to show China remains a hot spot for global investment.

We also note that American companies in China have considered the “tense China-US relations” as the biggest operational challenge for four consecutive years, which precisely reflects the eager anticipation of the business community for stable development in the bilateral relations. China is willing to work with the US to earnestly implement the important consensus reached by the leaders of the two countries, fully leverage the role of multi-level communication mechanisms between the Chinese and American commerce departments. China is willing to promote mutually beneficial cooperation with the US, effectively manage differences, and create a favorable environment for pragmatic cooperation between the business communities of the two countries.

International Business Daily: The Alliance for American Manufacturing urges the US government to block imports of cheap Chinese electric vehicles coming from Mexico, citing the threat to the survival of the US auto makers. What is the response of MOFCOM?

He Yadong: Let me first stress that Chinese cars are popular in the global market because of their innovative features and high quality coming out of fierce competition rather than the so-called low-price dumping.

In recent years, the US side has erected barriers to thwart Chinese car imports, such as levying additional tariffs, excluding Chinese car brands from US government procurement and implementing discriminatory subsidy policies. By contrast, China is always open to car makers from across the world. US car makers have fully enjoyed the dividends of China’s huge market, with the sales volume of American brands far outpacing Chinese brands in the US.

The US’ practices of trade protectionism, and politicizing economic issues and erecting more trade barriers to affect fair competition will only harm the development of its own auto industry in the long run. It is hoped that the US can respect the rules of the market economy and the principle of fair competition while correcting its non-market practices in order to build a fair environment for the long-term development of the auto industry. Thank you.

MNI: Given the situation in the Red Sea, some analysts are concerned about a shortage of shipping containers in China. What does MOFCOM make of it? Will there be a risk to trade flows?

He Yadong: The route through the Red Sea and Suez Canal is one of the world’s important trade and shipping channels, and the situation in the Red Sea waters has disrupted global business cooperation. We hope that relevant parties can bear in mind the regional security and stability and the common interests of the international community and jointly safeguard the smooth flow of global industrial and supply chains and the international trade order. Thank you.

CNBC: What have been discussed and shared at the round table for the implementation of the 24-point guideline? What’s the plan for the next step?

He Yadong: Yesterday, MOFCOM held a round table on the interpretation of the implementation of the 24-point guideline for foreign investment. Representatives of more than 60 foreign-invested enterprises and nine foreign business associations attended the meeting. At the meeting, we gave a briefing on the implementation of the 24-point guideline over the past six months by various departments. FIE representatives and foreign business associations shared the benefits they have enjoyed from the relevant policies and their opinions and suggestions. The European Union Chamber of Commerce in China said that the 24-point guideline is very important for European enterprises, and recognized the progress in the implementation of the document. The Japanese Chamber of Commerce and Industry in China said that the latest survey shows that the operations of Japanese companies in China have improved. Most of their members still view China as an important market and are satisfied with the business environment in China. Over half of them will continue or further expand investment in China. The American Chamber of Commerce in China and the Korea Chamber of Commerce in China said that US and Korean companies in China have stable expectations of investing and operating in China in 2024. On the whole, more than 60% of the policy measures have been implemented or made positive progress. The vast majority of FIEs said that the policy has benefited them and boosted their confidence in investing in China.

Going forward, MOFCOM will work with relevant departments and local governments to act on the requirements of the Central Economic Work Conference, continue to promote the implementation of the 24-point guideline, fully leverage the role of the FIE round table meetings, give more briefings on policies, evaluate the outcomes, follow and address FIEs’ complaints, and make the the business environment still better. Thank you.

Reuters: On the sidelines of the 13th WTO Ministerial Conference, did Minister Wang Wentao meet with representatives of the Gulf Cooperation Council to push for the completion of the FTA negotiations? Could you brief us on the progress of the China-GCC FTA negotiations? Is there a timetable?

He Yadong: During the MC13, Minister Wang Wentao met with Saudi Commerce Minister Majid bin Abdullah Al-Kassabi and other representatives of GCC countries, saying that they will work together to actively promote and accelerate the China-GCC FTA negotiations. Thank you.

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