CCTV:

We have noticed that at the National Business Work Conference, the MOFCOM proposed focusing this year on the "Year of Consumption Boost" to promote the continued expansion of consumption. Could you provide a detailed introduction to the relevant situation? Thank you.

Wang Wentao:

I will answer this question. Thank you for your interest in business work, especially in consumption promotion. The issue you raised concerns the "Year of Consumption Boost" and the aim to continually expand consumption. I will offer a detailed introduction to our plans.

First, we will ensure the success of a series of activities themed "Year of Consumption Boost." Last year, we organized numerous activities centered on the recovery and expansion of consumption, achieving significant results. This year, adhering to the keyword "sustained expansion," as mentioned at the Central Economic Work Conference, we aim to enhance the rebound momentum of the consumer market. We have designated this year as the "Year of Consumption Boost" following last year's designation as the "Year of Consumption Promotion." Focusing on the keywords of "sustained expansion," we will collaborate with relevant departments and other parties to organize various consumption promotion activities. These initiatives will create a strong consumption atmosphere and provide residents with diverse and richer consumption experiences. For example, we plan to spotlight the festive season, combining traditional festivals, public holidays, and other peak consumption periods, and organize activities such as an online Spring Festival-themed shopping fair, a digital agricultural promotion fair, and an ice and snow consumption season. The online Spring Festival-themed shopping fair is currently underway, and we invite everyone to participate. Additionally, we will highlight local characteristics, guiding and supporting each region to leverage its unique advantages. This will involve combining local characteristics and folk customs to cultivate iconic event brands, such as the Beijing-Tianjin-Hebei Consumption Season , Shanghai's "May 5 Shopping Festival ", Zhejiang's "Zheli Lai Xiaofei" or "Shopping in Zhejiang" campaign, and the "Love Chongqing " consumption campaign, among others, to boost spending.

Second, we will promote the trade-in of cars, home appliances, etc. This is a key point in promoting consumption this year. According to statistics, China's automobile and home appliance markets have transitioned from a pure "era of increment" to an "era that emphasizes both increment and stock." In 2023, there were about 340 million cars in existence, and the number of major categories of home appliances, such as refrigerators, washing machines, and air conditioners, exceeded 3 billion. Some home appliances have been used for more than 10 or 20 years, and there is a great demand and potential for replacement. At the same time, we have also observed a systematic trajectory for the replacement of old consumer goods such as automobiles and home appliances, requiring coordinated integration and comprehensive policies across production, supply and marketing, upstream and downstream industries, government, enterprises, and consumers, as well as online and offline channels. We will strengthen support and guidance, take the improvement of technology, energy consumption, emissions, and other standards as the driving force, remove difficulties and bottlenecks in replacing old products with new products, and stabilize and expand traditional consumption to better meet the needs of replacing and upgrading consumer goods. All of this will be carried out based on respecting the wishes of consumers.

Third, we will promote the consumption of "China-chic" domestic products. Nowadays, high-quality products designed and made in China embody the national spirit and fine Chinese traditional culture, while "trendy products" represent the trend of fashion and quality consumption. We have observed that the crossover collision and integration of domestic products with trendy products have stimulated a new consumption focus in people's lives. The MOFCOM will continue to focus on the consumption of domestic trendy products and has carried out a series of related activities. For example, since 2006, we have been recognizing China's time-honored brands. Last year, we improved the dynamic rotation management mechanism by eliminating long-underperforming brands while also planning to incorporate new ones. In accordance with relevant regulations and standards, we plan to identify a new group of more than 300 Chinese time-honored brands. Many products from these brands are well-known domestic goods to us. In response to the fashionable, customized, and personalized needs of consumers, they have launched many trendy products that are deeply loved by consumers, especially modern young people. This year, we will also organize the "Time-honored Brands Carnival" and the "Time-honored Brands Digital Museum." Through these methods, we aim to promote the protection, inheritance, and innovative development of time-honored brands, laying a solid cultural and commercial foundation for the consumption of "China-chic" products.

Fourth, we will continue to optimize the consumption environment. The consumption environment and the development of circulation facilities differ between urban and rural areas in China, necessitating different methods, policy guidance and promotion. In cities, we will continue to promote the cultivation and construction of international consumption centers, gradually improve the urban commercial system led by pedestrian streets, supported by smart business districts, and based on convenient living areas, and continuously improve the consumption capacity of cities. In rural areas, we will thoroughly implement the three-year action plan aiming to strengthen the nation's county-level commerce system , accelerate the shoring up of weak links in rural commerce, build a well-equipped and smooth two-way rural circulation network, encourage industrial products to go to the countryside and agricultural products to go to the city, and continue to release rural consumption potential.

Thank you.