Ministry of Commerce: Consumption will maintain a positive trend and increase financing support for small and medium-sized foreign trade enterprises
2024-11-15
On November 14th, He Yongqian, spokesperson for the Ministry of Commerce, stated at the regular press conference that in early November, the Ministry of Commerce, together with relevant departments, cities, and industry associations, launched the China International Consumer Center City Boutique Consumption Month activity, which has made positive progress and achieved results. In the later stage, with the deepening of the boutique consumption month activity, the policy of exchanging old for new and a package of incremental policies for consumer goods will further take effect, and it is expected that the consumer market will continue to maintain a positive trend of recovery. Highlighting the first economic highlights, He Yongqian introduced that the consumer market has recently seen outstanding first economic highlights. Various regions are focusing on international boutique products, domestic trendy goods, and time-honored brands, holding rich and colorful debut, first show, and first exhibition activities, and opening a new batch of first stores, flagship stores, and concept stores, injecting new vitality into the consumer market. At the just concluded 7th CIIE, 450 new products, technologies, and services were showcased, including over 100 global debuts, 40 Asian debuts, and over 200 Chinese debuts. The consumption of goods has steadily increased. According to the monitoring of business big data, in early November, the sales of home appliances, communication equipment, and clothing of key monitored retail enterprises increased by 45%, 28%, and 6% year-on-year respectively, and the sales of some time-honored brand products doubled. The policy of exchanging old for new continues to be implemented. As of November 11th, there have been 1.886 million applications for subsidies for scrapped cars and over 1.8 million applications for replacement subsidies. 21.608 million consumers have purchased 32.719 million units of eight major categories of household appliances. The key monitored e-commerce platforms have shown leading growth in categories such as range hoods and gas stoves. The service consumption is full of vitality. According to data from relevant institutions, sales of catering, accommodation, leisure and entertainment in early November increased by more than 10% year-on-year. The new type of consumption is flourishing. New types of consumption such as digital, green, intelligent, and healthy are highly favored, and the sales of energy-saving washing and drying all-in-one machines, fresh air conditioning, intelligent floor cleaning robots, water-saving dishwashers, sports cameras, etc. by some enterprises have more than doubled year-on-year; Some enterprises use artificial intelligence technology to create immersive consumption scenarios such as intelligent fitting rooms and digital experience halls, in order to better respond to personalized consumer needs. Strengthening the New Momentum of Foreign Trade "In the first 10 months of this year, China's total import and export volume reached 36.02 trillion yuan in RMB, setting a new historical high for the same period. In the complex and severe international trade situation, the stable growth of foreign trade fully reflects the resilience and vitality of China's industrial and supply chains, and plays an important supporting role in the economic recovery and improvement," said He Yongqian. When it comes to the measures taken by the Ministry of Commerce to promote the development of foreign trade, He Yongqian said that the Ministry of Commerce will work with various localities and relevant departments to increase efforts to promote the implementation of various policies, increase financial support, expand the scale and coverage of export credit insurance, increase financing support for small and medium-sized foreign trade enterprises, guide banking institutions to optimize their overseas layout, and enhance their service guarantee capabilities for enterprises to explore international markets. At the same time, we will strengthen new drivers of foreign trade, promote the development of cross-border e-commerce, and advance the construction of overseas smart logistics platforms. Support regions with conditions to explore and build cross-border e-commerce service platforms, providing enterprises with overseas legal and tax resource docking services. In addition, we will strengthen the service guarantee for foreign trade enterprises, promote the innovative development of green trade, border trade, and bonded maintenance, support key trading partners' business personnel to come to China, support foreign trade enterprises and shipping enterprises to strengthen strategic cooperation, and enhance employment services for foreign trade enterprises. (New Society)
Edit：Yao jue Responsible editor：Xie Tunan
Source：China Securities Journal
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