The Ministry of Commerce Photo: VCG

 
The Ministry of Commerce (MOFCOM) held a roundtable on Wednesday to discuss the country's program of large-scale equipment upgrades and trade-in initiatives for consumer goods, aiming to explain the policies to foreign investors, address their questions about investment and cooperation in China, and encourage foreign companies to seize the opportunities.

Ling Ji, vice minister of MOFCOM, presided over the meeting. Representatives from foreign enterprises, including Albemarle, Bio-Rad Laboratories and Ford, as well as leaders from the American Chamber of Commerce in China, the European Union Chamber of Commerce in China, and the Korea Chamber of Commerce in China attended and spoke at the event. 

Ling stated that promoting a new round of large-scale equipment upgrades and trade-ins for consumer goods is a key strategic decision by the Chinese government aimed at high-quality development. This initiative will significantly boost domestic demand, drive investment, and upgrade consumption, creating substantial market opportunities for all businesses, including foreign enterprises. 

China will continue to advance high-level opening up and enhance the business environment, ensuring equal treatment for domestic and foreign enterprises. This includes supporting participation in large-scale equipment upgrades, trade-in programs for consumer goods, and related government procurement, according to Ling. "We encourage foreign companies to seize these opportunities, deepen their presence in the Chinese market, and increase their investment," Ling said. 

Representatives from MOFCOM, the National Development and Reform Commission, the Ministry of Industry and Information Technology, and the People's Bank of China explained the policies and responded to issues and suggestions raised by enterprises. 

The action plan, released by the State Council in March, aims to integrate more high-quality durable consumer goods into daily life, streamline the resource recycling process, and significantly enhance the quality and efficiency of economic circulation.

The plan specifies 20 key tasks in five sectors, including equipment renewal, trading-in of consumer goods, recycling of used goods, and fiscal and financial support. 
 
In the first half of 2024, 26,870 new foreign-backed enterprises opened in China, a year-on-year increase of 14.2 percent. In the first half of 2024, the manufacturing sector utilized 141.86 billion yuan ($20.27 billion) in foreign capital, accounting for 28.4 percent of the national total, up 2.4 percentage points from last year. High-tech manufacturing attracted 63.75 billion yuan, 12.8 percent of the total, also up 2.4 points. Foreign investment in medical equipment and professional technical services grew by 87.5 percent and 43.4 percent, respectively.