Core Insights - The Chinese Ministry of Commerce reported significant progress in achieving the goals set for the "14th Five-Year Plan," with notable advancements in consumption, foreign trade, foreign investment, and international cooperation [1] Group 1: Consumption Growth - During the "14th Five-Year" period, consumption contributed approximately 60% to economic growth, highlighting its role as a primary engine [2] - Retail sales of consumer goods are projected to increase from 39.1 trillion yuan in 2020 to 48.3 trillion yuan in 2024, with an average annual growth rate of 5.5% [2] - By 2024, the total retail sales are expected to exceed 50 trillion yuan, with China's retail sales surpassing the U.S. in terms of purchasing power [2] Group 2: Quality Improvement in Consumption - The Ministry of Commerce has implemented policies to promote quality consumption, such as trade-in programs for appliances, leading to a 10% growth in retail sales of home appliances [3] - Service consumption is growing rapidly, with an average annual increase of 9.6% from 2020 to 2024, outpacing goods consumption [3] - Targeted measures have been introduced to enhance service quality, particularly in healthcare and elderly care sectors [3] Group 3: Trade and Foreign Investment - China's foreign trade has shown resilience, with merchandise trade reaching 6.16 trillion USD in 2024, a 32.4% increase from 2020 [5] - The number of foreign trade enterprises has grown to 700,000 by 2024, with private enterprises accounting for 64.8% of exports [6] - Foreign direct investment (FDI) reached 708.73 billion USD by mid-2023, exceeding the target of 700 billion USD [7] Group 4: High-Level Opening Up - The negative list for foreign investment has been continuously reduced, with all restrictions in the manufacturing sector eliminated [8] - By 2024, trade with free trade partners is expected to account for 43% of total trade [8] - The implementation of international high-standard trade rules has been actively pursued, with over 110 pilot measures introduced [9]

Economic Growth and Consumption - Consumption has contributed approximately 60% to economic growth during the "14th Five-Year Plan" period, highlighting its role as a main engine for growth [1][3] - The total retail sales of consumer goods in China is expected to exceed 50 trillion yuan this year, reflecting strong domestic consumption [2][3] Trade Performance - China's goods trade scale remains the largest globally, with export and import market shares stable at over 14% and 10% respectively [5][6] - The service trade scale ranks second globally, surpassing 1 trillion USD for the first time last year [6] Foreign Investment - China has completed its foreign investment target of 700 billion USD six months ahead of schedule, with actual foreign investment reaching 708.73 billion USD by mid-2023 [8][9] - The negative list for foreign investment access continues to shrink, with all restrictions in the manufacturing sector eliminated [9] Consumption Structure and Innovation - Service consumption has seen rapid growth, with an average annual increase of 9.6% from 2020 to 2024 [3][4] - New consumption models, such as "artificial intelligence + consumption" and "IP + consumption," are emerging as new growth points [3][4] International Trade Relations - The diversification of trade partners is evident, with ASEAN being China's largest trading partner for five consecutive years [7] - The proportion of trade with countries involved in the Belt and Road Initiative is expected to exceed 50% by 2024 [7]

Core Viewpoint - The article emphasizes the significant achievements in China's high-quality business development during the "14th Five-Year Plan" period, highlighting the strong contributions of consumption, foreign trade, and foreign investment to economic growth. Group 1: Consumption - Consumption has become a major engine for economic growth, contributing approximately 60% annually to economic growth during the first four years of the "14th Five-Year Plan" [3][4] - The total retail sales of consumer goods (social retail) in China is expected to exceed 50 trillion yuan this year, with an average annual growth rate of 5.5% over the past four years [2][4] - Service consumption has entered a rapid growth phase, with an average annual growth rate of 9.6% from 2020 to 2024 [4][5] - Innovations in the retail sector and new consumption models, such as AI and IP-driven consumption, are emerging as new growth points [5] Group 2: Foreign Trade - China maintains a leading position in global trade, with export and import market shares stable at over 14% and 10%, respectively [6][7] - The scale of China's goods trade remains the largest globally, with service trade ranking second, surpassing 1 trillion USD for the first time last year [7][8] - The proportion of high-tech products in goods trade is projected to reach 18.2% by 2024, indicating a shift towards more advanced trade [8] Group 3: Foreign Investment - China has achieved its foreign investment target of 700 billion USD six months ahead of schedule, with actual foreign investment reaching 708.73 billion USD by mid-2023 [9][10] - The negative list for foreign investment access continues to shrink, with all restrictions in the manufacturing sector eliminated [10] - China is actively enhancing its open environment and market conditions to attract foreign investment and expand imports [10]