FX.co ★ China Aims to Strengthen Domestic Consumption: Premier Li Qiang

In a recent address, Chinese Premier Li Qiang emphasized the imperative of enhancing domestic consumption to lessen China's dependence on exports, underscoring the leadership's concerns about economic resilience. During a seminar with analysts and business leaders, Premier Li stressed the importance of persistently creating new growth avenues to expand domestic demand, as reported by China Central Television. He also advocated for the reduction of "disorderly competition," pointing to ongoing initiatives to curb price wars that obstruct industrial growth. Alluding subtly to international tensions, including those with the United States, Premier Li highlighted the necessity for China’s economy to maintain resilience in the face of external changes. His statements coincide with the formulation of the 2026–2030 five-year plan, which is anticipated to place significant emphasis on consumption. In a speech in June, Li depicted China as not only a manufacturing giant but also a "mega-sized consumer powerhouse."