Xing Huina:

Due to time constraints, we will take two final questions.

CCTV:

The third plenary session of the 20th CPC Central Committee just wrapped up recently, at which the importance of accelerating the development of new drivers for foreign trade was emphasized. Could you share the key initiatives undertaken by the Ministry of Commerce in this field this year? What are the plans or initiatives we can expect?

Li Xingqian:

Developing new drivers for foreign trade is an initiative responsive to both the laws of the market and global demands. This approach aims to refine the structure of our foreign trade offerings, boost trade efficiency and more effectively cater to the production and living needs of end-users by deepening international cooperation and fostering innovative practices within supply chains. The export-import situation in the first half of the year indicates that China's foreign trade has achieved substantial gains in four aspects, which are also the focuses of our efforts to nurture new drivers for foreign trade.

First, cross-border e-commerce has been boosted in terms of both import and export. Utilizing cutting-edge technologies and adapting to emerging market demands, cross-border e-commerce stands as a dynamic component of foreign trade and is a business mode widely favored by consumers worldwide. In the first half of this year, around 9 million small parcels were exchanged daily between China and various countries, facilitating the rapid delivery of Chinese products to international customers and bringing an increasing array of premium goods to the Chinese market via cross-border e-commerce platforms. This year, the Ministry of Commerce, in collaboration with other relevant departments, has rolled out special policies to support cross-border e-commerce and has organized on-site meetings, hosted targeted training programs and initiated measures for brand development and the cultivation of business entities. Looking ahead, we will enhance exchanges in cross-border e-commerce, bolster supply-demand connections, engage more deeply in international cooperation, and continue to expand comprehensive pilot zones for cross-border e-commerce.

Second, green trade has become a growing trend. Green trade not only involves trading in eco-friendly, low-carbon products and services, but also entails the green and low-carbon transformation of all elements of the foreign trade supply chain — such as R&D, procurement, manufacturing, logistics and marketing. We released a handbook on green and low-carbon transformation for foreign trade enterprises in the first half of this year and intend to publish further guides. Moreover, we have conducted thematic trainings and are swiftly developing a public service platform for green trade, with the aim to diversify services for foreign trade enterprises. Moving forward, our aim is to research and enact specialized policies for fostering green trade, progressively build a robust support system for related initiatives, cultivate a conducive international environment, and enhance the capabilities of foreign trade enterprises in sustainable and low-carbon operations.

Third, the digitalization of trade has been accelerated. This year, the Ministry of Commerce, along with relevant departments, has been vigorously promoting the application of digital technologies within trade sectors, achieving a paperless cargo release rate of up to 90% at some ports. We have organized numerous exchanges on trade digitalization and examined methodologies to facilitate the utilization of electronic bills of lading in finance and other sectors. At the same time, we are encouraging global collaboration by initiating digital pilots that cover the whole process of international trade with our trade partners. Future steps involve supporting regional- and enterprise-level efforts to explore practical ways to fully digitize trade processes, guiding foreign trade participants toward proactive digital transformation, refining the systems for trade digitalization, and deepening cooperation and exchanges within the international trade realm.

Fourth, expanding imports provides new momentum and opportunities for our trading partners. Actively increasing imports is a significant step in further opening up to the world, contributing to global economic development and demonstrating China's commitment as a responsible major country. We have made significant strides in facilitating imports. In the first half of this year, China's import volume reached 9 trillion yuan, an increase of 5.2% year on year. Going forward, we will continue to leverage platforms like the CIIE, the China International Consumer Products Expo, and the import section of the Canton Fair. We will advance free trade agreement negotiations with relevant countries and regions and support increased imports of high-quality products, turning China's vast market into a global opportunity. Thank you.