A drone photo taken on July 5, 2023 shows the Tianjin factory of Danfoss, a leading energy efficiency solution company, in north China's Tianjin. (Photo/Xinhua)

Beijing - China provides equal support to domestic and foreign enterprises in participating in the large-scale renewal of equipment and the trade-ins of consumer goods, Vice Commerce Minister Ling Ji said on Wednesday.

The country has made the strategic decision to promote a new round of large-scale equipment renewal and consumer goods trade-ins, Ling said at a roundtable meeting for foreign-invested enterprises on related policy interpretation.

The campaign will effectively expand domestic demand, stimulate investment, upgrade consumption and provide vast market potential for all types of enterprises, including foreign-funded ones, Ling added.

China will advance high-level opening up, optimize its business environment, and provide equal support to domestic and foreign enterprises in participating in the campaign, as well as in related government procurement and investment projects, according to the commerce ministry.

China hopes that foreign enterprises will seize the opportunities, delve deeper into the Chinese market and boost their investment in the country, Ling said.

Representatives of foreign enterprises such as GE HealthCare, Philips and Siemens Healthineers attended the meeting and made speeches, along with delegates from foreign chambers of commerce in China, according to the ministry.

China has built a policy system to promote the large-scale renewal of equipment and replace old consumer goods with new ones, and local governments have released their action plans, according to the National Development and Reform Commission.