Interview: China to boost consumption, expand high-standard opening-up, commerce minister says

BEIJING, Dec. 5 (Xinhua) -- China will continue to vigorously boost consumption and expand its high-standard opening-up to underpin the country's high-quality development, Chinese Minister of Commerce Wang Wentao told Xinhua in a recent interview.

The move aligns with the recommendations of the 20th Central Committee of the Communist Party of China for the formulation of the 15th Five-Year Plan (2026-2030), which identify a strong domestic market as strategic support for Chinese modernization.

Wang noted that China possesses the advantage of an ultra-large market, with a population of over 1.4 billion. The people's diversified needs in the pursuit of a high-quality life continue to grow, which embodies huge consumption potential.

He highlighted efforts to build an internationalized consumption environment and expand the supply of high-quality consumer goods and services, which will provide strong support for the construction of a robust domestic market and the promotion of high-quality development.

As for services consumption, the country will focus on relaxing market access and the integration of business formats, and will channel resources into new consumption drivers such as cruise trips and sports events, the minister said.

On the goods consumption front, China will continue holding successful consumption promotion activities, ensuring that people enjoy more tangible benefits. The country will promote the consumption of major durable goods, expand automobile consumption across the entire industrial chain, and promote the consumption of updated home appliances, Wang said.

China will also unlock consumption potential in areas like green and smart goods, he said.

China remains committed to refining its systems and mechanisms to promote consumption, and to outlining plans to cultivate new consumption scenarios by adopting management measures suitable for novel business forms and models, Wang said.

The country will cultivate international consumption center cities and gather global high-quality consumption resources. It will also effectively implement its departure tax-refund policy to expand inbound consumption, and will develop the debut economy, according to the minister.

Throughout the 14th Five-Year Plan period (2021-2025), China maintained the world's second-largest goods consumption scale, and its services consumption saw robust growth. The average annual contribution of consumption to economic growth was around 60 percent, underscoring its consistent role as the main engine of the economy, Wang said.

He noted that at the same time, China has continuously opened its market to the world, becoming the top export destination for nearly 80 countries and regions.

To attract foreign investment, China will foster a transparent, stable and predictable institutional environment, he said. Efforts will also include the comprehensive implementation of the strategy to enhance pilot free trade zones, the expansion of its network of high-standard free trade areas, and the high-standard construction of the Hainan Free Trade Port.

China will take proactive steps to expand opening-up on its own initiative, align with high-standard international economic and trade rules, expand market access and open up more areas, with a focus on the services sector, Wang said. ■