BEIJING , 2nd August, 2024 (WAM) -- China's Ministry of Commerce has been ramping up efforts to boost consumption, trade and international economic cooperation in a bid to underpin the country's high-quality development, an official told a press conference in Beijing on Friday.
Policy incentives have demonstrated effectiveness in stimulating consumer spending. As a result, the country's retail sales of consumer goods reached an unprecedented level last year, China Central Television (CCTV) reported, citing Li Yongjie, Deputy China International Trade Representative.
"We have worked to shore up the fundamental role of consumption in economic growth, unveiled plans to encourage consumer goods trade-ins, stepped up policy support for automobile consumption, household consumption, and catering industries, launched year-long themed campaigns for 2023 and 2024 to stimulate consumption, and improved infrastructure to boost urban-rural connectivity. In 2023, the country's retail sales of consumer goods hit a new record high of 47.1 trillion yuan (about US$6.51 trillion)," she said.
The foreign trade sector also benefited from stronger policy support as exports of the tech-intensive green trio, namely, new energy vehicles, lithium-ion batteries, and photovoltaic products, registered robust growth.
"We have introduced a range of policies and measures to promote trade and support enterprises, hosted major exhibitions such as the China International Import Expo, the Canton Fair, the China International Fair for Trade in Services and the Global Digital Trade Expo, promoted innovative development of trade in service, and applied the negative list for cross-border trade in services. China remained the world's largest trading nation in 2023 with new growth drivers such as the 'new trio' and cross-border e-commerce rapidly gaining momentum," Li said.
Progress has also been made in utilising foreign investment. Authorities have taken steps to improve the business environment and attract foreign investors by holding the Invest in China Summit, establishing a roundtable conference system for foreign-funded enterprises and promoting alignment with high-standard international economic and trade rules.
In addition, international trade and economic cooperation have been given a boost as major trade pacts, including the Regional Comprehensive Economic Partnership (RCEP), came into force and China advanced its accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Digital Economy Partnership Agreement (DEPA).