SCIO press conference on commerce work, operations in H1 2023

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It was recently proposed at a State Council executive meeting that when conditions allow, policy measures should be introduced promptly and implemented in a timely manner, while also expanding the toolkit of policy options to maximize their combined effects. What policies will be introduced to ensure steady economic growth in the future? Thank you.

Guo Tingting:

Thank you for your question. This is indeed a question that is of concern to all sectors of society, and represents the common expectations of the market.

Since the beginning of this year, MOFCOM has fully implemented the decisions and plans of the CPC Central Committee and the State Council. As I just mentioned, we have taken multiple measures to stabilize foreign trade and investment and promote consumption, to fully unleash the effect of multiple policies. Our work in the first half of the year has mainly been in the following aspects: first, many policy measures were introduced and implemented. Some of them aim to stabilize the scale and improve the structure of foreign trade; some encourage the establishment of foreign-funded R&D centers; some are pilot measures for aligning with international rules and promoting institutional opening-up in qualified FTZs and ports; and some are policy documents for bolstering the consumption of home furnishings and green and smart home appliances and improving and diversifying home services. Second, we have launched several campaigns, including events for boosting consumption and attracting investment that will run through the year. In the consumption boosting events, we collaborated with local governments and industry associations to improve consumption expectations and the consumption environment. And with the help of the investment promotion events, we promoted both inbound and outbound investment. Third, a series of significant expos were held, including the third China International Consumer Products Expo and the 133rd China Import and Export Fair.

A State Council executive meeting recently called for fully unleashing the effect of multiple policies. MOFCOM will continue to implement the policies that have been introduced and accelerate the rollout of policy measures that are ready to but not yet be introduced. Furthermore, we will carry out in-depth investigations and research, reinforce policy options, and fully implement a combination of policies to ensure commerce development, providing support for China's economic recovery. In terms of foreign trade, we will develop measures to help NEVs expand their international markets, upgrade processing trade, provide more convenience for business people to apply for visas, and resume and increase international flights. Efforts will also be made to organize significant expos, such as the China International Import Expo (CIIE), China Import and Export Fair, and China International Fair for Trade in Services (CIFTIS). In terms of foreign investment, we will introduce policies to further optimize the business environment for foreign investment and promote continuing to shorten the negative list for foreign investment. We will continue to hold roundtable discussions with overseas enterprises and maintain regular exchanges and communications with foreign-funded enterprises. In terms of consumption, we will continue carrying out campaigns that promote consumption, boosting consumption of imported products and consumption in summer holiday and autumn season. We will also roll out measures to increase the consumption of automobiles, promote sound development of the catering industry, and encourage the use of digital technology to improve life services, among others.

We will keep you updated on the progress of related work through various channels, including MOFCOM's press conferences. Your continued interest and support are greatly appreciated. Thank you.

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