On the afternoon of January 26, the State Council Information Office held a press conference, Minister of Commerce Wang Wentao introduced that in the year 2023 just past, we united and overcame the difficulties, to promote the overall stability of business operation throughout the year, and high-quality development took a new step forward. It can be briefly summarized in three words:

The first word is “stabilization”. The “troika” that drives national economic growth, namely consumption, investment and net exports, are all involved in business work. Specifically, in terms of consumption, total retail sales of consumer goods hit a record high, and final consumption expenditure will contribute 82.5% to economic growth in 2023. On foreign trade, the import and export of goods achieved positive growth in RMB terms on the basis of a high base, and the international market share of exports stabilized at around 14%. Overall, these areas have remained basically stable, making a positive contribution to the upturn of the national economy.

The second word is “quality”. In other words, the structure has been optimized and the quality and content of development have been improved. For example, in terms of foreign trade, the proportion of China’s import and export of intermediate goods has reached 61.1%, remaining at a historically high level; in particular, the proportion of import and export of private enterprises has increased by 3.1 percentage points to 53.5%, firmly occupying “half of the country”. In terms of outward investment, the growth rate of outward investment in manufacturing, wholesale and retail trade is higher than the average level, and outward investment and cooperation in the fields of green, digital and blue is expanding.

The third word is “energizing”. New energies are emerging in some areas of development, such as the proportion of online retail sales of physical commodities to social retail sales increased to 27.6%, a record high; for example, green, healthy and smart products, and “trendy” national products are highly favored and have become new hot spots of consumption; automobile exports increased by more than 50%, and cross-border e-commerce exports increased by 19.6%, which have become new engines of foreign trade growth; the number of newly established foreign enterprises increased by 39.7%, fully reflecting the enthusiasm of foreign investors to share the opportunities of the Chinese market.

This year marks the 75th anniversary of the founding of New China, and is a critical year for realizing the goals and tasks of the Fourteenth Five-Year Plan. The Ministry of Commerce will adhere to the “three important” positioning of commercial work, consolidate foreign trade and foreign investment fundamentals, expand high-level opening up to the outside world, and make positive contributions to the promotion of economic recovery and the promotion of Chinese-style modernization through the practical actions and results of high-quality commercial development.

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