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International trade

China's Commerce Minister Highlights Achievements in High-Quality Economic Development

Strategic Insights

— 2 min read

China's commerce minister, Wang Wentao, has reviewed the key achievements of the country's business development since the start of the 14th Five-Year Plan. Despite facing numerous challenges, China's economy has withstood shockwaves and demonstrated resilience. The progress of major target indicators in various fields such as consumption, foreign trade, foreign investment, and outbound investment cooperation has been in line with expectations.

Key Takeaways:

  • The scale of China's consumer market has remained the second largest in the world, with total retail sales increasing by an average of 5.5% per year over the past four years.
  • Service consumption has maintained rapid growth, with the proportion of residents' service consumption expenditure increasing by 3.5 percentage points to 46.1%.
  • New consumption has flourished, with new formats and new scenarios rich and diverse, and the average annual contribution rate of consumption to economic growth reaching about 60%.
  • China's foreign trade has withstood pressure and demonstrated resilience, with the scale of goods trade remaining the world's largest, and exports and imports accounting for more than 14% and 10% of the international market share respectively.
  • The quality of foreign investment has improved, with the cumulative foreign investment exceeding the expected target of US$700 billion, and the "Invest in China" brand continuing to shine.
  • The structure of investment has been continuously optimized, with an average annual growth rate of more than 5% in foreign investment, and the total scale remaining in the top three in the world.
  • International cooperation in the production and supply chain has been promoted in an orderly manner, with the overall foreign contracting projects stable and rising.
  • The number of items on the negative list for foreign investment access has continued to shrink, with access restrictions in the manufacturing sector being completely "cleared" and pilot projects in the service sectors effectively carried out.
  • Independent and unilateral opening-up has been orderly expanded, with zero tariff treatment granted to 100% of tariff items of the least developed countries and African countries with diplomatic ties.

Statistics:

  • Total retail sales have increased by an average of 5.5% per year over the past four years.
  • The proportion of residents' service consumption expenditure has increased by 3.5 percentage points to 46.1%.
  • The average annual contribution rate of consumption to economic growth has reached about 60%.
  • The cumulative foreign investment has exceeded the expected target of US$700 billion.
  • The average annual growth rate of foreign investment has been more than 5%.
  • The total scale of foreign investment has remained in the top three in the world.
  • The number of items on the negative list for foreign investment access has continued to shrink.
  • 22 free trade pilot zones have effectively played the role of a comprehensive experimental platform for reform and opening up.
  • Trade in goods with free trade partners (including Hong Kong, Macao and Taiwan) accounted for 43% in 2024.

Sources:

  • Xinhua News Agency, Beijing, July 18 (Reporters Xie Xiyao and Wang Yuxiao)
  • State Council of the People's Republic of China news release, Beijing, July 18.

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