At ‘Summer Davos’, Li Qiang vows China will be ‘mega-sized’ consumption power
In a turbulent world, Beijing will double down on household spending to fuel growth and overcome risks, China’s premier says
Premier Li Qiang has pledged that China will become a “consumption powerhouse” capable of fuelling domestic and global growth, even as he acknowledged the country was grappling with a slump in cross-border investment and persistent trade tensions.
“This will make China a mega-sized consumption powerhouse, on top of being a manufacturing powerhouse,” Li said at the gathering, also known as Summer Davos.
“We are on track to become a high-income country supported by robust consumption upgrades,” he added.
Consumer activity picked up in May, helping offset pressure on manufacturing and exports in a challenging tariff environment. Retail sales rose by 6.4 per cent year on year, compared to 5.1 per cent in April.