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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.

2025-12-29 王鹤洁 CATTI练笔英-中

China-US trade talks, market resilience boost confidence in Chinese assets

China's capital market is witnessing a wave of positive developments. Just days after Chinese policymakers issued major policy measures to stabilize the market, China and the US announced on Monday that the two countries have reached what has been described by some as a better-than-expected breakthrough to ease tariff tension. With the growing positive headlines come greater confidence in Chinese assets. Some global financial institutions have moved swiftly to raise their outlooks for Chinese stocks, while others are making adjustments to their investment strategies to focus on Chinese high-tech stocks. While the outcome of the China-US trade talks offered a significant boost, China's policy orientation, market resilience, and technological breakthroughs in areas such as artificial intelligence (AI) and semiconductors are underpinning the long-term growth potential of Chinese assets, according to analysts and reports from several major global financial institutions. Near-term catalyst "We see this development as a solid near-term catalyst for the China market," Laura Wang, chief China equity strategist at Morgan Stanley, said in a research note shared with the Global Times on Monday, referring to the agreement reached between China and the US. Following two days of talks in Switzerland, China and the US released a joint statement on Monday, announcing several key agreements, most notably a significant reduction in tariffs on both sides. Specifically, the US will remove a total of 91-percent additional tariffs on Chinese products, and China will accordingly cut 91-percent countermeasure additional tariffs against US imports. In addition, the US will suspend a 24-percent "reciprocal tariff" for 90 days, and China likewise will suspend a 24-percent countermeasure tariff for the same period, according to the Ministry of Commerce. "This news greatly boosted the confidence of the global capital market," Yang Delong, chief economist at Shenzhen-based First Seafront Fund, told the Global Times on Tuesday, noting global markets have responded positively to the news. Wang Tao, head of Asia economics and chief China economist at UBS Investment Bank, said in a statement sent to the Global Times on Tuesday that "the trade war de-escalation improves growth outlook." The closely watched US-China trade talks concluded with "substantial progress" on reducing bilateral reciprocal tariffs significantly, which is more positive than many had expected, Wang said. Song Yu, chief China economist at BlackRock, told the Securities Times that the recent progress in China-US trade relations is a significant boost to the macroeconomic environment. This, combined with the stronger-than-expected April export data and intensified domestic economic policy support, as evidenced by the comprehensive package of policies rolled out by three major Chinese government departments last week, is expected to "bolster the confidence of both domestic and international investors in Chinese assets, acting as a powerful catalyst for the Chinese market," Song said. Strong resilience Even before China and the US reached major progress in the trade talks, global investors had already become increasingly bullish on the investment prospects of China's capital market, expressing strong confidence in its strong resilience and long-term growth potential. Some major financial institutions have been quick to adjust their investment strategies. UBS Global Wealth Management issued its investment views on Monday, expressing preference for leading internet companies driving AI development in China and attractive opportunities across the broader semiconductor supply chain. "We believe the continued breakthroughs in China's AI space should help drive the tech sector higher amid signs of a potential de-escalation in the US-China trade war. We now rate Chinese tech stocks as 'Attractive,' and expect the sector to post an earnings growth of 30 percent this year," the wealth management firm said. In the research note on Monday, Wang from Morgan Stanley also noted "structural investment opportunities in tech/artificial intelligence and new consumption related areas." In a May 8 report, Goldman Sachs maintained its "overweight" rating on Chinese equities and raised its 12-month index targets for MSCI China and CSI300 to 78 and 4,400, implying 7 percent and 15 percent potential returns. The report noted that Chinese financial assets have remained resilient, supported by factors such as broad US dollar weakness, signs of easing US-China trade tensions, robust activity growth as shown in hard data, and effective domestic policy easing. Last week, China's monetary and financial authorities unveiled a raft of supportive measures, including policy rate and reserve requirement ratio (RRR) cuts, as the country stepped up efforts to stabilize markets and sustain economic recovery amid external headwinds, according to Xinhua. In one of its key policy actions, the People's Bank of China, the country's central bank, announced an RRR cut of 0.5 percentage points for eligible financial institutions from May 15. Notably, the RRR for auto financing and financial leasing companies will be slashed from 5 percent to 0 percent, Xinhua reported. The timing of the announcement, in particular RRR and policy rate cuts, was seen as a positive surprise by some investors. Goldman Sachs noted that the encouraging aspect of the latest easing package lies in its targeted and increasingly demand-driven approach, which supports the government's goal of fostering a healthy stock market anchored by stable capital. During a press conference announcing the policy measures last week, Wu Qing, chairman of the China Securities Regulatory Commission, highlighted the resilience of the A-share market and emphasized the net profit growth of listed companies achieved in the first quarter. A-share listed companies are resilient, supported by strong domestic demand, diversified export markets, and rising competitiveness. In Q1 2025, their net profits rose 3.6 percent year-on-year, with real-economy firms seeing a 4.3 percent increase, Wu said, while pledging efforts to keep capital markets stable and active.

2025-12-29 王鹤洁 CATTI练笔英-中

Strollers from Hanchuan in C China's Hubei find success overseas

In the exhibition hall of a company in Hanchuan city, central China's Hubei Province, sales manager Pan Fan skillfully demonstrates how to use a stroller. "This is our latest stroller model, mass-produced just this May, and designed primarily for European and Central Asian markets," Pan said. The company, Hubei Belecoo Children's Products Co., Ltd., exported 390,000 strollers last year, and has now entered over 40 countries and regions including Europe, the U.S., Japan, and South Korea. ①: Workers produce strollers at Hubei Ruizhi Children Appliances Co., Ltd. in Hanchuan city, central China's Hubei Province. (People's Daily Overseas Edition/Wu Jun) ②: Pan Fan (1st L), sales manager of Hubei Belecoo Children's Products Co., Ltd., introduces a stroller to customers in Hanchuan city, central China's Hubei Province. (People's Daily Overseas Edition/Wu Jun) ③: A stroller is tested at the Hubei provincial center for quality inspection and testing of strollers. (People's Daily Overseas Edition/Wu Jun) ④: Photo shows strollers on display in the exhibition hall of Hubei Belecoo Children's Products Co., Ltd. in Hanchuan city, central China's Hubei Province. (People's Daily Overseas Edition/Wu Jun) It is a sales company under Yangtian Group, specializing in strollers, cribs, high chairs, and other infant products. Thanks to over 30 years of dedication, Yangtian, one of the earliest enterprises engaged in stroller production in Hanchuan, has helped turn the city into one of China's seven major stroller production hubs, alongside many other manufacturers and supporting enterprises. Known as the "stroller capital of central China," Hanchuan saw export value of the stroller industry hit $58.38 million last year, up 35.7 percent year on year, and the total output value of the sector reach 2.8 billion yuan ($388.51 million), according to Zhong Shoucheng, secretary-general of the Hanchuan Stroller Association. Zhong noted that Hanchuan is home to 36 stroller manufacturers and 48 supporting companies, producing more than 9 million units of strollers, cribs, and pet strollers annually. Hanchuan's stroller story began in the 1980s when locals started making parts for a stroller factory in Wuhan, capital of Hubei. By the 1990s, local entrepreneurs had set up their own factories. One such entrepreneur, Hu Xiaohong, entered the stroller business and later renamed his company Hubei Yangtian Plastic Products Co., Ltd., producing both plastic stroller components and fully assembled strollers as an original equipment manufacturer (OEM). In 2012, his son, Hu Chengpeng, took up the baton, becoming a second-generation stroller entrepreneur. "Back then, the domestic stroller market was extremely competitive, with nearly 100 related manufacturers in Hanchuan alone," said Hu Chengpeng. After visiting factories in south China's Guangdong Province, east China's Jiangsu Province, and elsewhere, he decided to focus on component production and the design of finished strollers, outsourcing manufacturing and repurchasing finished strollers for e-commerce sales. In 2014, he founded Hubei Belecoo Children's Products Co., Ltd., launched the "Belecoo" brand and prioritized e-commerce. Today, Belecoo boasts over 50 stroller models with a daily production capacity of more than 800 units, Hu Chengpeng said. Like Hu Chengpeng, many of Hanchuan's young entrepreneurs have taken over their family businesses, creating new brands. According to Zhong, Hanchuan now has 80 stroller assembly lines and over 50 registered stroller trademarks. In 2016, Hu Chengpeng led his company into the manufacturing of finished strollers, doubling sales that year. "We've applied for over 150 patents. We now manufacture 80 percent of components used in Belecoo strollers," he said. However, Hanchuan's rise as a stroller hub was not without challenges—lack of innovation and intellectual property protection awareness. "Every time a hot-selling stroller hit the market, it was immediately copied. At one point, over 30 companies were producing the exact same model," Zhong recalled. This led to fierce price wars. "Profit margins dropped to as low as 5 yuan per stroller," said Deng Fangbo, deputy general manager of Hubei Ruizhi Children Appliances Co., Ltd. There were also quality control problems. In 2017, the local government issued an action plan and established a leadership group to improve product quality. "We brought in experts to review each company in areas such as product design, standards implementation, and quality control," said Zhong. Experts visited 23 factories, found 104 quality problems, and made 56 recommendations. Deng shared how his company responded. "We hired quality experts to analyze our entire production line and invested millions of yuan in intelligent equipment." After upgrading to smart manufacturing, the company's production efficiency and yield rate soared, with daily output now reaching 3,000 units, Deng added. Eight leading companies in Hanchuan have also established in-house testing labs capable of evaluating every detail from fabrics and tubing to screws and finished strollers, solving quality problems before mass production begins, Zhong said. Inspired by the success of early adopters, others followed suit, embracing tech upgrades and innovation. According to Zhong, after the transformations, research and development (R&D) investment in the city's stroller industry has exceeded 100 million yuan. In September 2021, 11 local stroller companies jointly issued new evaluation standards stricter than national benchmarks. Before 2000, the city's stroller industry primarily focused on the domestic market. But a few forward-thinking companies decided to try their luck at the China Import and Export Fair, also known as the Canton Fair, aiming to break into global markets. Hubei Ruizhi Children Appliances Co., Ltd. explores overseas opportunities primarily through trade expos like the Canton Fair, which has become the main gateway for many Hanchuan businesses. Deng noted that approximately 40 percent of his company's products are now sold overseas. According to Zhong, 10 stroller companies from Hanchuan joined the 137th Canton Fair in the first half of this year, occupying 32 booths in the "Toys" and "Maternal & Infant Products" sections – 71 percent of the city's total booths, marking a record high. As Hanchuan's stroller companies go global, they are not just complying with international standards and registering trademarks – they're also designing products tailored to customer needs in different regions. By zeroing in on what global consumers want, Hanchuan's strollers are making waves overseas. In recent years, the city's stroller enterprises have accelerated expansion into countries participating in the Belt and Road Initiative, tapping into markets in Africa, Southeast Asia, and the Middle East.

2025-12-29 王鹤洁 CATTI练笔英-中