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China Can Maintain High Growth and Transition to Consumer-Led Economy, Premier Li Says
CHINA, JUN 25 – Premier Li highlighted that consumption contributed 44.5% to China’s 2024 economic growth, with government guidelines launching a 500 billion yuan facility to boost domestic spending.
- On June 25 in Tianjin, Premier Li Qiang said China, the world's second-largest economy, can maintain rapid growth while shifting to a consumer-driven model.
- This transition builds on China's strong manufacturing base but responds to weak consumer sentiment and deflation, with 61.4% of mainland Chinese preferring to save rather than spend.
- China released guidelines to boost consumption through financial tools, employment support, and raising household incomes amid a fragile trade truce with the US and global uncertainties.
- Li expressed commitment to supporting China’s shift away from being primarily a manufacturing hub toward becoming an expansive consumer-driven economy, while also affirming confidence in sustaining steady economic growth.
- China's growth target for 2025 is about 5%, but many analysts say reforms and trade conditions will determine how successfully China shifts to consumption-led growth.
18 Articles
18 Articles
The world's second largest economy suffers from weaker domestic consumption. The Chinese car industry is particularly affected. Manuela Kasper-Claridge reports from the "Summer-Davos" from Tianjin.
China to become both manufacturing leader and consumption powerhouse: Chinese Premier
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Will China finally become a consumer powerhouse?
Chinese Premier Li Qiang’s bold talk of building a “mega-sized consumer powerhouse” has a serious economic gravity problem. Although Li has only been on the job since March 2023, his boss, Xi Jinping, took the reins of power a decade earlier. Back in 2013, as Xi pledged to let market forces play a “decisive role” […] The post Will China finally become a consumer powerhouse? appeared first on Asia Times.
China can maintain high growth and transition to consumer-led economy, premier Li says | The Asahi Shimbun Asia & Japan Watch
TIANJIN, China--China’s Premier Li Qiang said on Wednesday he was confident the world’s No.2 economy could maintain a “relatively rapid” growth rate as it transitions from a manufacturing-led model to a consumer-driven one, a shift analysts say is key to securing its future.
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