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

China’s outward investment cooperation from January to November 

From January to November this year, China’s non-financial ODI increased by 11.2% year on year to USD128.63 billion, among which the investment in BRI partner countries reached USD30.17 billion, up by 5.1% year on year.

From January to November, the turnover of completed overseas contracted projects was USD140.23 billion, up by 3.4% year on year, and the value of newly signed contract went up by 11.9% year on year to USD198.79 billion. The turnover of completed contracted projects and the value of the newly signed contracts with BRI partner countries stood at USD116.14 billion and USD167.95 billion, a year-on-year increase of 2.5% and 11.8% respectively.

So much about the information. Now I’d like to take your questions.

National Business Daily: The Central Economic Work Conference has made plans to vigorously boost consumption. What is MOFCOM’s take on consumption work next year? Do you see any headwind or tailwind? How will you boost consumption?

He Yongqian: Since the beginning of 2024, MOFCOM has been earnestly implementing the decisions and plans made by the CPC Central Committee and the State Council, taking various measures to boost consumption. From January to November, the total retail sales of consumer goods reached 44.3 trillion yuan, a 3.5% increase year on year. In the first three quarters, the final consumption expenditure contributed 49.9% to economic growth. China has a stable economic foundation with multiple advantages, strong resilience and great potential, and the underpinning fundamentals of the trend of long-term growth remain unchanged. It is expected that the overall consumer market will continue to witness a steady growth next year.

Going forward, MOFCOM will implement thoroughly the guiding principles of the Conference, focus on the three important positions of the commerce work, and combine consumption expansion with benefiting the people to vigorously implement the special campaign dedicated to stimulating consumption, roll out more practical measures, and continuously unleash consumption potential. We will focus on the following work: First, we will work with relevant departments to expand the scope and implement the policy of consumer goods trade-in, so that consumers can get more tangible benefits; Secondly, we will organize innovative consumption promotion events that integrate commerce, tourism, culture, sports and fitness. At the turn of the year, we will organize key events such as ice and snow consumption season, the national online shopping festival, and the consumption promotion month; Thirdly, we will expand service consumption, implement policies of promoting high-quality service consumption, constantly enrich the supply of service consumption, and innovate diversified consumption scenarios; Fourthly, we will foster and strengthen new modes of consumption, speed up the introduction of policy documents to promote the debut economy, develop the ice and snow economy and the silver-haired economy, and promote digital consumption, green consumption and fitness consumption; Fifthly, we will improve consumption environment by enhancing the cultivation and building of international consumption center cities, promoting the development of “15-minute radius livelihood service circles”, carrying out the three-year campaign for county commerce, and promoting the transformation and upgrading of “thousands of fairs and tens of thousands of stores”. Thank you.

The Cover: We have noticed that MOFCOM and other six departments have recently released the Implementation Plan for the Retail Innovation and Improvement Project. Can you brief us on the main considerations and specific contents of the Plan?

He Yongqian: In order to further improve the modern commercial circulation system, improve long-term mechanisms for expanding consumption, and accelerate the diversified development of life service industry, MOFCOM and other six departments have jointly issued the Implementation Plan for the Retail Innovation and Improvement Project recently.

Following the principle of “comprehensive implementation and selective exploration”, the Plan focuses on the renovation and upgrading of retail facilities and proposes to carry out pilot projects of innovation and improvement of retail industry. MOFCOM will work with relevant localities to identify a batch of pilot cities every year, push for the renovation of a batch of existing retail facilities, share a batch of good examples with rich experience, and guide and promote the high-quality development of retail industry. By 2029, we will strive to initially form a modern retail system that is intelligent, convenient, green and low-carbon with abundant supply, balanced layout, diversified channels, and high-quality services, so as to better meet the people’s needs for a better life.

The Plan adheres to the problem-oriented approach and points out five main tasks including scenario-based transformation, high-quality supply, digital empowerment, diversified innovation and supply chain improvement. Firstly, encouraging the retail industry to enhance its function position, develop integrated commerce, fashion commerce, exhibition commerce, thematic commerce and community commerce, and create more comfortable and sweet consumption environment with “one store, one style” principle. Secondly, supporting retailers in closely following the demands of the consumer market, highlighting integrity, quality and services, and constantly optimizing the supply of goods and services so that customers can feel assured to shop. Thirdly, encouraging retailers to apply digital technologies and a unified barcode system, jointly carry out intelligent upgrading of information systems and digital applications of key steps with greater connectivity between upstream and downstream, and develop new scenarios of smart retailing to make consumption more convenient. Fourthly, supporting the development of community-based shopping centers and convenient commercial centers that are more accessible for the elderly and children to create convenient life circles and better secure people’s livelihood. Fifthly, encouraging upstream and downstream players to give full play to their respective advantages, strengthening supply chain coordination, and promoting unified warehousing and distribution, automatic replenishment and other modes to reduce circulation costs. Thank you.

Reuters: What progress has been made in the China-EU negotiations on price undertakings in the electric vehicle anti-subsidy investigation? Do the two sides intend to launch a new round of negotiations in the near future? Is there a timeline?

He Yongqian: China has always advocated resolving trade frictions through dialogue and consultation, and has been making the greatest efforts for the price undertakings negotiations. We hope that the EU side can take practical actions as soon as possible to jointly advance consultations with China. Thank you.

Bloomberg: I have three questions. The first is that the US government has launched a national security investigation into TP-Link, a Chinese router manufacture. How do you make of this? The second question is that the UK is making plans to embrace more cooperation with China on investment and trade. What’s your take on that? The third question is whether China will allow Bytedance to sell the business of American TikTok in the U.S. if the latter is to be banned in the U.S. If the algorithm of American TikTok is not sold, can Bytedance sell American TikTok?

He Yongqian: On the first question. China has noted the relevant reports.

I would like to emphasize that China has always opposed the U.S. suppression of Chinese enterprises under the pretext of national security. The investigation launched by the U.S. should be objective and rational, instead of inventing the charges and making a “presumption of guilt”.

On the second question. China attaches great importance to China-UK economic and trade cooperation, and is willing to work with the UK to expand mutually beneficial cooperation under the strategic guidance of the leaders of the two countries, boost our respective socioeconomic development, and promote the long-term steady development of China-UK global comprehensive strategic partnership for the 21st century.

As for your third question, relevant Chinese authorities have made their responses before. Thank you.