Chinese Premier Li Qiang emphasized on Thursday that China’s ongoing economic reforms and transition to a consumption-driven model will solidify its role as a key driver of global economic growth. Speaking at the Asian Infrastructure Investment Bank’s annual meeting in Beijing, Li highlighted that policy measures introduced since late last year are bolstering domestic demand. Despite challenges posed by a slowing global economy, China’s resilience remains evident. “We are enhancing macroeconomic policies, actively expanding domestic demand, and strongly promoting consumption,” he stated. He added that the expansion and upgrading of China’s vast market will continue to generate significant opportunities for global trade and investment. His remarks come amid concerns from the International Monetary Fund and the World Bank about potential economic slowdowns in the Asia-Pacific region due to China’s cooling economy and rising trade tensions with Western nations. Economists have also expressed concerns over China’s subdued import activity in recent months.
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China’s consumption push will support global growth, Premier Li says
BEIJING, June 26 (Reuters) – Chinese premier Li Qiang said on Thursday reforms and a shift to a consumption-led model in the world ‘s No. 2 economy will help it continue to be the world ‘s biggest driver of economic growth. n nBeijing ‘s second-ranking official said policy support rolled out since late last year was helping lift domestic demand and that China ‘s economy had shown resilience, despite a slowing global economy and fresh external challenges. n nSign up here. n n”We are strengthening macro policies, actively expanding domestic demand, and forcefully boosting consumption,” Li said at the Asian Infrastructure Investment Bank ‘s annual meeting in Beijing. n n”The expansion and quality upgrading of China ‘s massive market will continue to unleash enormous dividends, creating more trade and investment opportunities for countries worldwide. In short, China remains the country that provides the greatest driving force for global economic growth.” n nHis comments come after both the International Monetary Fund and World Bank warned earlier this year that growth across the Asia Pacific could weaken due to China ‘s cooling economy and rising trade tensions with the West. n nLacklustre imports over the past six months have raised questions among economists over the nature of China ‘s contribution to regional growth.
