He Yongqian: Friends from the press, good afternoon. Welcome to the regular press conference of MOFCOM. I would like to make an announcement first.

China’s outward investment cooperation from January to June

From January to June, China’s non-financial ODI increased by 16.6% year-on-year to USD72.62 billion. In breakdown, non-financial direct investment in BRI partner countries reached USD15.46 billion, up by 9.2% year-on-year.

From January to June, the turnover of completed overseas contracted projects was USD72.25 billion, up by 2.2% year-on-year. The value of newly signed contract went up by 22% year-on-year to USD115.54 billion. The turnover of completed contracted projects and the value of the newly signed contracts with BRI partner countries stood at USD58.92 billion and USD93.35 billion, a year-on-year increase of 0.7% and 18.5% respectively.

The floor is open now.

International Business Daily: Recently, MOFCOM and other three departments have jointly issued “Opinions on Strengthening Commercial and Financial Coordination and Supporting the High-Quality Development of Cross-Border Trade and Investment with Greater Efforts”. How will you ensure its solid implementation?

He Yongqian: The document implements decisions and plans made by the central committee of the CPC and the State Council. It proposes 11 policy measures in five aspects, targeting key sectors including stabilizing foreign trade and investment, and deepening BRI economic and trade cooperation and outward investment cooperation, as well as key links including promoting financing, preventing risks, and optimizing services. The just-concluded Third Plenary Session of the 20th Central Committee of the CPC proposed to develop new institutions for a higher-standard open economy, and makes clear requirements for setting up sound systems for cross-border financial services. MOFCOM will learn and implement the guiding principles of the session in an in-depth manner and work with relevant departments to ensure the solid implementation of the Opinions, forging a stronger synergy for supporting the high quality development of cross-border trade and investment.

On the one hand, MOFCOM will focus on collaborating more closely with relevant departments to enhance the coordination of trade and investment and financial policies. We will push for relevant departments’ working together to promote the implementation of the Opinions in accordance with their responsibilities. We will strengthen monitoring and supervision, and help to mediate and address difficulties and problems in a timely manner.

On the other hand, we will also focus on deepening practical cooperation with financial institutions, and make more high quality financial services available for commerce. Based on cooperation mechanisms, we will guide financial institutions to take market-orientated and law-based approaches to ramp up their support for commerce. They will be encouraged to roll out more effective and specific action plans as well as better products and services based on their own business to support cross-border trade and investment.

At the same time, we will encourage local commercial authorities to actively explore effective practices and experiences. We will better communicate with local financial authorities and institutions with regard to policies, enhance the sharing of financing information, and specify supportive measures based on local conditions. It is expected that typical local experiences and practices will be replicated and promoted timely, and policies can truly take effect. Thank you.

China Business News: The European Commission recently announced provisional anti-dumping tariffs between 12.8% to 36.4% on biodiesel imported from China in four weeks. What’s MOFCOM’s comment?

He Yongqian: China has taken notice that on July 19, the European Commission pre-disclosed provisional anti-dumping duties on imports of biodiesel from China. China expresses serious concerns over the EU’s protectionist measures in the biodiesel sector.

For the EU, the world’s largest consumer of biodiesel, imports from China meets the high demand on its market and helps it achieve its goals of green transition, energy conservation and emission reduction at a faster pace. China has stressed for many times that the EU duties will only elevate the prices of the products concerned, harm the interests of EU industries and consumers, and disrupt the EU’s green transition and the broader China-EU trade and economic cooperation. China has always called for appropriate and prudent use of trade remedies. China urges the EU not to recklessly adopt trade remedial measures, but rather have dialogue and consultation with China to address each other’s concerns. Thank you.

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