Minister of Commerce Wang Wentao: Deeply tap into the potential of foreign trade development and actively participate in global economic governance

On March 6th, the Second Session of the 14th National People's Congress held a press conference at the Media Center Press Conference Hall in Beijing. Zheng Zhajie, Director of the National Development and Reform Commission, Lan Fo'an, Minister of Finance, Wang Wentao, Minister of Commerce, Pan Gongsheng, President of the People's Bank of China, and Wu Qing, Chairman of the China Securities Regulatory Commission, answered questions from Chinese and foreign journalists on development and reform, fiscal budget, commerce, financial securities, and other related issues.
As the head of the Ministry of Commerce, Wang Wentao answered questions three times and was asked trade related questions twice by reporters at this press conference. His answer was simple and frank, using detailed examples to point out his viewpoint.
When talking about the foreign trade situation this year, Wang Wentao described it as severe. He stated that on the one hand, multiple international organizations predict that the global economic growth rate in 2024 will still be lower than the historical average level, and there will still be significant downward pressure on external demand. On the other hand, the rise of trade protectionism and unilateralism, geopolitical conflicts, and spillover factors such as the global "super election year" can also bring a lot of uncertainty.
However, he also stated that from January to February this year, China's imports and exports are expected to continue the growth trend since October last year. The Ministry of Commerce predicts that considering the overall high foreign trade base in China in March last year, there is a possibility of a short-term decline in foreign trade data. However, overall, the trend of China's foreign trade development is still upward. The industrial foundation, factor endowments, and innovation capabilities that support the development of foreign trade are also constantly strengthening. China's imports and exports have great potential, and the foreign trade industry has shown strong resilience.
Wang Wentao said that in response to the difficulties and uncertainties faced by the foreign trade industry, China will further strengthen the financial service guarantee for foreign trade enterprises, especially small and medium-sized enterprises, continue to hold various important domestic exhibitions, encourage enterprises to participate both domestically and internationally, and publish trade promotion information and national trade guides. In addition, the Ministry of Commerce will continue to work with relevant departments to promote the resumption of flights between China and foreign countries, facilitate visa applications for business personnel, and support enterprises in promoting trade and coordinating supply and procurement.
Wang Wentao introduced that in the medium to long term, China will focus on four aspects to cultivate new drivers of foreign trade and promote high-quality development of foreign trade. One is to expand intermediate goods trade; Secondly, promote cross-border e-commerce exports; Thirdly, improve the level of digitalization in trade; The fourth is to promote green development of trade.

When talking about China's efforts in promoting WTO reform and maintaining the multilateral trading system, Wang Wentao stated that the Chinese delegation participated in the 13th Ministerial Conference (MC13) of the World Trade Organization held in Abu Dhabi, United Arab Emirates. After intensive and arduous consultations among members, the meeting achieved a pragmatic result of "1+10". This is another major victory for multilateralism, boosting the international community's confidence in the multilateral trading system.

At this conference, as the first investment rule led by developing members, the achievement of the Investment Facilitation Agreement for Development cannot be separated from the key leading role played by China. Currently, 127 members have joined this agreement, exceeding three-quarters of the WTO members. After the agreement takes effect, it will help to improve the level of global investment liberalization and facilitation, improve the international investment environment, and better respond to the strong demands of developing members to attract foreign investment and develop the economy.
Wang Wentao said that China has always attached great importance to the work of the World Trade Organization.     This is also another vivid practice by China to practice true multilateralism and promote the implementation of the three major global initiatives.
He emphasized that as a core member of the World Trade Organization and the largest developing country, China will work with all parties to implement the consensus on the achievements of MC13 and safeguard the legitimate rights and interests of developing members. At the same time, we will continue to fully participate in the reform of the World Trade Organization, promote the resumption of normal operation of the dispute resolution mechanism within the year, and strive to achieve the world's first high standard digital trade rules as soon as possible. Promote consultations on trade environment and other issues, and encourage the World Trade Organization to play a greater role in addressing global challenges.
"We will continue to firmly oppose unilateralism and protectionism, unite all parties to jointly oppose the politicization, weaponization, and pan security of economic and trade issues, promote the construction of an open world economy, and build a community with a shared future for mankind." Wang Wentao said.