Latest news with #Ministry of Commerce
South China Morning Post
3 days ago
- Business
- South China Morning Post
China pledges more consumption incentives to service the service sector
China has vowed to continue cutting red tape and attracting foreign investment to boost service consumption over the next five years, as Beijing turns to domestic demand for a reliable source of economic growth in an uncertain environment for international trade. Advertisement There is a 'shortage of high-quality service on the supply side' even as service consumption grows at a faster rate than that of goods, Minister of Commerce Wang Wentao said at a press conference in Beijing on Friday. To address the shortage, China will 'reduce some restrictive measures and enrich service supply' from 2026 to 2030, especially in sectors such as healthcare and elderly care, Wang said. Wang's comments came as the world's second-largest economy attempts to drive up domestic consumption to compensate for a trade picture complicated by a tense, multi-front trade war launched by US President Donald Trump earlier this year. 'China-US economic and trade relations have weathered many storms, and both sides remain important economic and trade partners,' Wang said when asked about the topic. 'Facts prove that 'decoupling' is impossible.' Advertisement In 2024, the combined goods imports of mainland China and Hong Kong accounted for about 13.3 per cent of global imports, the minister noted. This made China the world's second-largest import market, nearly on par with the US and its 13.6 per cent share.
South China Morning Post
14-07-2025
- Business
- South China Morning Post
China's rare earth exports swell in June as Beijing relaxes controls
China's rare earth exports surged in June to their highest level since December 2009, in what analysts said could be an early sign that recent behind-the-scenes agreements with the United States on the flow of critical minerals are beginning to bear fruit. Exports of the elements reached 7,742.2 tonnes last month – a 60 per cent increase from the 4,828.7 tonnes recorded in June 2024 – and a 32 per cent jump compared to the 5,865 tonnes reported this May, according to customs data. Rare earth exports have become a focal point for global trade in recent months, as Beijing tightened controls on shipments in April to assert its dominance over the supply chain – a move widely seen as a response to similar restrictions by the US on the flow of advanced semiconductors and increases to tariffs. Hints of a thaw emerged in late June, when the Wall Street Journal reported that six-month export licences had been issued to select American manufacturers. And last month, China's Ministry of Commerce said it would improve how it handles export approvals for European countries and make it easier for their businesses to engage in legitimate trade.
