He Yadong: Friends from the press, good afternoon. Welcome to the regular press conference of MOFCOM. Let me start by sharing a piece of information with you.

This is about China’s outbound investment cooperation from January to August, 2024.

From January to August, 2024, China’s non-financial direct investment reached USD94.09 billion, up 12.4% year on year. Chinese businesses made non-financial direct investment in BRI partner countries worth USD20.51 billion, up 2.2% year on year.

From January to August, 2024, the turnover of completed overseas contracted projects amounted to USD97.34 billion, up 5% year on year, with newly signed contracts worth USD149.5billion, up 21.1% year on year. In BRI partner countries, Chinese businesses reported USD78.47 billion in the turnover of completed overseas contracted projects and USD123.21 billion in newly signed contracts, respectively up by 3.6% and 18.8% year on year.

Cover: Minister of Commerce Wang Wentao recently met with European Commission Executive Vice-President and Commissioner for Trade Valdis Dombrovskis. The two sides held a comprehensive, in-depth and constructive consultation on the ongoing EU investigation on imports of battery electric vehicles (BEVs) from China. Could you give a briefing on this meeting? What new progress has been made in the negotiation?

He Yongqian: Minister Wang Wentao met with European Commission Executive Vice-President and Commissioner for Trade Valdis Dombrovskis on September 19 and held a comprehensive, in-depth and constructive consultation on the ongoing EU investigation on imports of BEVs from China. The two sides clearly expressed their political will to resolve differences through consultation and agreed to push forward with the price undertaking negotiations and make every effort to reach a mutually acceptable resolution through friendly dialogue and consultation.

The technical teams from both sides are currently working diligently on negotiating a flexible price undertaking resolution, as directed by the consultation, striving to reach a consensus on the resolution before the final ruling. I want to reiterate that China has the utmost sincerity to properly resolve differences through dialogue and consultation, as well as the firmest determination to safeguard the legitimate interests of Chinese enterprises. Thank you.

China Daily: MOFCOM launched its first anti-discrimination investigation into Canada’s relevant restrictive measures on imports from China. The case has been closely followed by all sides. What’s MOFCOM’s comment?

He Yongqian: The Canadian side imposed discriminatory and unilateral restrictions on Chinese imports in spite of opposition and dissuasion from all sides. The initial information and evidence gathered by MOFCOM indicate that Canada’s imposition of additional tariffs on targeted Chinese imports constitutes “prohibitive, restrictive other other like measures on a discriminatory basis against the People’s Republic of China” under Article 7 of China’s Foreign Trade Law. Thus, China initiated the investigation in accordance with Article 36 and 37 of the FTL.

The investigation will be carried out in a fair, equitable and open manner and there will be opportunities for public comments. Chinese industry and businesses, as well as the stakeholders affected by Canada’s relevant measures, are welcome to get involved in the investigation. China will take all necessary measures to safeguard the legitimate interests of Chinese companies. Thank you.

SETV: What measures will MOFCOM roll out to stimulate consumption for the upcoming National Day holiday?

He Yongqian: National Day holiday is a peak season for consumption. MOFCOM will focus its efforts on three aspects. First, hosting a series of Year of Consumption Promotion events. Consumption scenarios will be created in relation to National Day, harvest, autumn travel and leisure. Thematic activities such as boosting agricultural development through digital commerce, service consumption season, and 15-minute community services will be organized. Activities of local features will be hosted such as China (Sichuan) International Panda Consumption Festival, Beijing’s autumn shopping festival and Jiangsu’s autumn sale. Localities will leverage the opportunities such as the Shanghai Fashion Week and China (Tianjin) Auto Show to provide platforms for launching new products. More new consumption hot spots will emerge.

Second, promoting trade-ins of consumer goods. MOFCOM will continue to urge localities to implement relevant initiatives to promote trade-ins of cars, home appliances, as well as furniture for home decor, kitchens and bathrooms in order to bring real benefits to consumers directly. In this connection, activities will be organized including the “1,000 companies for 10,000 families” trade-in program, “1,000 counties and 10,000 townships” NEVs consumption season, and supply and demand matching event for intelligent connected vehicles and smart home appliances.

Third, strengthening market monitoring and ensuring the supply of daily necessities. MOFCOM will initiate daily reporting to monitor the quantity and price of daily necessities during the festival and closely watch the shift in supply and demand of grain, edible oil, meat, eggs, milk, fruits and vegetables. Businesses will be guided to coordinate the supply of goods in accordance with the features of consumption during the festival.

These are the measures we are going to take to optimize the supply, create new consumption scenarios, foster an environment of consumption and better meet consumers’ demands during the festival. Thank you.

China Business News : The Office of the US Trade Representative recently made the proposal to increase the "Section 301" tariffs on five sub-categories, including tungsten products, wafers and polysilicon. This week, it began to solicit public comments on the plan to significantly increase tariffs. What is the comment of the Ministry of Commerce?

He Yongqian: China has all along opposed the US imposition of 301 tariffs and has lodged solemn representations on many occasions. The WTO has already ruled that the US 301 tariffs violate WTO rules. With the recent move, the US is going down the wrong path further. We urge the US to respond to the call of the industries in an objective and rational manner, and remove all additional tariffs on products from China as soon as possible to protect the security of the global industrial chains and supply chains and the fundamental interests of consumers and producers in both China and the US. We hope to create a healthy and predictable environment for bilateral economic and trade cooperation. Thank you.