Wang Wentao: "During the 14th Five-Year Plan period, our country's consumer market size, when converted to purchasing power parity, will be the world's largest."

The 14th National People's Congress Fourth Session will hold a press conference at 3:00 pm today at the Media Center Press Hall, inviting the Director of the National Development and Reform Commission, Zheng Zhajie, Minister of Finance, Lian Fa'an, Minister of Commerce, Wang Wentao, Governor of the People's Bank of China, Pan Gongsheng, and the Chairman of the China Securities Regulatory Commission, Wu Qing, to answer questions from Chinese and foreign journalists on issues related to development and reform, fiscal budget, commerce, finance, securities, etc. The following are the main points of Wang Wentao's responses to journalists: During the "14th Five-Year Plan" period, China's consumer market size is the world's largest when converted to purchasing power parity. Wang Wentao said at the economic theme press conference of the 14th National People's Congress Fourth Session that during the "14th Five-Year Plan" period, China's consumer market size remains second largest globally, but when converted to purchasing power parity, it is already the largest in the world. There have been some trend changes in the structure of residents' consumption. During the Spring Festival holiday in the Year of the Horse, offline physical consumption growth reversed the trend over online consumption for the first time in recent years. Wang Wentao stated at the economic theme press conference of the 14th National People's Congress Fourth Session that during this year's 9-day Spring Festival holiday, offline consumption was lively and booming. The growth of offline physical consumption exceeded that of online consumption during the Spring Festival, marking the first time in recent years. During the "14th Five-Year Plan" period, China's per capita consumption GDP increased from $10,000 to $13,000. Wang Wentao stated that during the "14th Five-Year Plan" period, China's per capita consumption GDP increased from $10,000 to $13,000, showing a trend of change in residents' consumption. Traditional consumption has shifted from scarcity to quality, green, and low-carbon consumption. In terms of structure, service consumption, especially experiential consumption, has grown strongly. From 2022 to 2025, China's service retail sales will grow at an average annual rate of 10.4%. Thoroughly implement the Special Action to Stimulate Consumption. Wang Wentao stated that the Ministry of Commerce will adhere to the combination of benefiting the people's livelihood and promoting consumption, implement the Special Action to stimulate consumption thoroughly, and make every effort to boost consumption and expand domestic demand. Promote the opening pilot of value-added telecommunications, biotechnology, wholly foreign-owned hospitals, and other fields. Wang Wentao stated that in the field of service consumption, we need to promote opening up externally and internally. With the service industry as the focus, expand market access, promote the opening pilot of value-added telecommunications, biotechnology, wholly foreign-owned hospitals, and other fields, clear unreasonable restrictions in the domestic service sector, and expand the supply of quality services. China's web series account for 90% of global market revenue. Wang Wentao stated that China's web series now account for 90% of global market revenue, and app downloads account for 80% globally. Basically, what we watch domestically is what is watched overseas, just in a different format. China's exports to the US fell by 19.5% last year, but overall exports grew by 6.1%. Wang Wentao stated that China's exports to the US fell by 19.5% last year, but in RMB terms, China's overall exports grew by 6.1%, showing the result of China's diversified layout in foreign trade. Coordinate imports and exports to promote balanced trade development. Wang Wentao stated that we need to coordinate imports and exports to promote balanced trade development. "Exports and imports are like the two wheels of a car. If they are balanced, the car drives smoothly and goes further." Will promote the import of high-quality life services such as medical and health. Wang Wentao said at the economic theme press conference of the 14th National People's Congress Fourth Session that this year, the Ministry of Commerce will coordinate productive and life services, vigorously develop service trade, make good use of policies such as visa-free travel, expand travel services exports, tap the potential of cultural, traditional Chinese medicine, catering, and other service exports, and promote the import of high-quality life services such as medical and health. Feeling that the external environment is not "most" uncertain every year, but "more" uncertain. Wang Wentao stated that the recent intensification of geopolitical conflicts has had an impact on the international economic and trade order and global industries and industries, making the external environment more uncertain. Every year, there is talk of "uncertainty," and now I feel that every year (the external environment) is not the "most" uncertain, but "more" uncertain. This year, we will focus on building a "three-pillar" structure for a trading power, which is goods trade, service trade, and digital trade. Strengthening the "four overall plans" to ensure the stability of the foundation of foreign trade. Siasun Robot & Automation has become a new label for China's foreign trade. Wang Wentao stated at the meeting that some high-end intelligent, green, low-carbon products, including Siasun Robot & Automation, have become a new label for China's foreign trade. This article is reprinted from "Caishijie." GMTEight Editor: Liu Jiayin.