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Ministry of Commerce Holds Regular Press Conference (April 25, 2024)

He Yadong: Friends from the press, good afternoon, welcome to the regular press conference of the Ministry of Commerce. First, let me share with you a piece of information on the 6th Brand and Quality Online Shopping Festival.

From April 28- May 2, MOFCOM, in concert with related authorities, will guide the organizing of the 6th Brand and Quality Online Shopping Festival. As part of the Consumption Promotion Year campaign, this year’s Festival will be hosted in Hubei. The localities will organize e-commerce, manufacturing, express delivery and logistics companies to stage over 200 accompanying events featuring brand and quality to build an on-line promotion brand.

This year’s Festival will focus on three themes. First, digital life to boost digital consumption. Currently, digital consumption is booming and has become a key aspect of quality life. Second, global digital trade connecting home and abroad. China’s Silk Road e-commerce circle of friends has extended to 30 countries, helping foster a global e-commerce market. Third, digital intelligence empowerment for industrial upgrade. E-commerce development will be accelerated for brands through optimized public services and vitalized digital factor.

The Festival is the 2nd key event of this year’s 4+N online promotion matrix. As we speak, the preparations across the country are all ready. On April 28, a national launching ceremony will be held in Yichang, Hubei Province. You’re welcome to follow the event.

The floor is open to questions.

Yicai: Recently, some countries expressed concern over China’s overcapacity, especially in new energy. What is MOFCOM’s comment?

He Yadong: Some western countries have been accusing China of overcapacity of late. China is firmly against such nonsensical hype. Capacity needs to be put into the perspective of economic globalization with global division of labor and the reality of the international market fully taken into account and an objective, just and science-based position.

When it comes to new energy, globally speaking, the issue is not excess capacity, but capacity shortage. Currently, to develop green, low-carbon and environment-friendly new energy is a key measure to tackle climate change. Demand for new energy products keeps growing, speaking to huge potential for further development. China’s new energy industry continuously provides affordable quality capacity,making important contributions to global green development.

Related countries and regions mustn’t brandish the stick of protectionism while upholding the banner of green development. This is a typical case of self-contradiction and double standards, and can be called a doctrine of double standard. In fact, such a practice will not only hold back global green transition and shake confidence in climate cooperation, but also dampen the determination of businesses to engage in foreign trade and investment cooperation.

We hope that related countries can view global new energy market demand and China’s growing new energy industry objectively, rationally and comprehensively, and give credit to China’s new energy products for their important role in global green transition. We’d like to strengthen communication and coordination with all sides under market principles to drive industrial cooperation for mutual benefits and win-win results in global green development. Thank you.

Shanghai Securities News: Recently, ten departments, including MOFCOM, introduced Several Policy Measures in Further Support of Overseas Institutional Investment in Domestic Technology Companies. What are the considerations and the next steps?

He Yadong: Over the years, overseas institutional investors have actively explored the Chinese market and continuously engaged in venture capital and equity investment in the technology sector for common development with domestic tech companies. Currently, China is pursuing high-quality development and high-level opening up and stepping up the development of new quality productive forces. Chinese and foreign companies, faced with broad market opportunities, all wish for more policy support, better business environment and easier investment and finance. Against this background, MOFCOM worked with related departments to implement CPC Central requirements and focused on industry and business requests in introducing Several Policy Measures in Further Support of Overseas Institutional Investment in Domestic Technology Companies.

The Several Measures can be summed up as “one theme, two types of entities, three factors of production and four stages”. “One theme” refers to high-quality development, under which financial means will be used to support innovation. “Two types of entities” means overseas institutional investors on the investment side and domestic technology companies on the financing side, between which precision partnership will be built. “Three factors of production”, namely people, funding and technology, will be the policy focus; for people, the policy will meet the visa needs and encourage localized operation; for funding, the policy will improve administration of foreign exchange for direct investment, further open up financing channels and optimize financing structures; for technology, the policy gives priority to advanced manufacturers and specialized manufacturers with new, unique and competitive products, and promotes investment in new-generation information technology, artificial intelligence and other areas. “Four stages” refers to fundraising, investment, administration and exit of overseas institutions, where impediments will be removed.

In the next step, MOFCOM will work with local authorities and government agencies to implement the Several Measures. First, we will increase policy effectiveness through ongoing policy interpretation, interdepartmental coordination, and instruction for local authorities to roll out supporting measures based on their realities. Second, we will improve supply-demand alignment by leveraging existing platforms and building new investment cooperation mechanisms to facilitate matching and cooperation between overseas institutions and domestic technology companies. Third, we will keep up dynamic response by keeping close track of companies’ needs and concerns, looking into them and giving timely feedback, as part of our ongoing effort to build a world-class business environment that is market-oriented, law-based and up to international standards. Thank you.

MNI: What measures will MOFCOM take to boost consumption in the upcoming May 1 holiday next week?

He Yadong: As the May 1 holiday draws near, MOFCOM will conscientiously implement the decisions of the CPC Central Committee and the State Council on boosting consumption, better coordinate efforts throughout this “Year of Consumption Promotion”, and create favorable conditions during the holiday to meet people’s consumption demand and keep increasing consumption.

First, we will prioritize trade-in programs and boost spending on big-ticket items. We will use both policies and activities to prioritize trade-ins of consumer goods at this stage of consumption promotion endeavors. We will instruct local governments to hold series local events as part of the national consumer goods trade-in campaign based on their respective signature activities, key exhibitions, industrial clusters and flagship companies. With MOFCOM’s support, Hainan, Ningxia, Shandong and Guangdong have held their local events, and events in Jilin, Shanghai, Guangxi and Jiangxi will start around the holiday.

Second, we will highlight fusion and innovation to expand new-type consumption. On Saturday, we will launch the 2024 International Shopping Season in Shanghai to feature new consumption scenarios such as product debuts, fashion consumption, health consumption and sports consumption. We will also instruct local governments to roll out diverse consumption promotion activities integrating commerce, tourism, culture, sports and health with new shopping scenarios. A number of local special events, including the Global New Product Debut Season in Beijing, the Shanghai Sports Consumption Festival and the food festival in Yunnan, will be launched soon.

Third, we will monitor market operations and ensure supply. During the holiday, we will watch closely market dynamics and have distribution businesses increase their stock and frequency of replenishment, to ensure supply on the market. Thank you.

Bloomberg: You said early on that China opposes the sale of Tiktok. What’s MOFCOM’s stance now?

He Yadong: I already explained China’s positions on the matter you mentioned. Thank you.

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