Developing service trade and service consumption is crucial for stabilizing foreign trade and expanding domestic demand. The Ministry of Commerce has earnestly implemented the decisions and plans of the CPC Central Committee and the State Council to promote innovation in service trade, and foster and boost service consumption. In 2024, China's total import and export of services reached a record 7.5 trillion yuan, exceeding the one trillion dollars mark for the first time. Retail sales of services increased by 6.2%, and consumer spending on services increased by 7.4% year on year, contributing 63% to the growth of consumer spending.

At the executive meeting of February 21, the State Council made clear that it was important to open up the service sector to the outside and liberalize the service sector at home. More investment from home and abroad should be channeled to areas that can boost service consumption and energize the market, so that consumer demand for quality consumption can be met.

We will fully implement the negative list for cross-border trade in services and steadily promote gradual opening up. We will align with high-standard international economic and trade rules, and work with relevant departments to explore and formulate a number of new opening-up measures in telecommunications, education, culture, health care, finance and other fields.

We will introduce policy portfolios to swiftly improve the "1+N" policy framework, and unveil a host of measures to support domestic service consumption, digital consumption and sports consumption, and expand the supply of high-quality services. We will strengthen the cultivation of new business forms and models, create new service consumption scenarios, so that people can truly feel the benefits. Thank you.