China aims to boost its consumer economy, says Premier

Chinese Premier Li Qiang announced plans to transform China into a major consumer market while maintaining its role as a global manufacturing leader. Speaking at the World Economic Forum in Tianjin on June 25, 2025, Li expressed confidence in China’s ability to drive economic growth through increased domestic spending. He highlighted the country’s push to become a high-income nation, supported by growing demand for both traditional goods like food and housing and new trends like smart devices and cultural products.

Li emphasized that China is taking steps to encourage people to spend more, including launching special programs to boost consumption. These efforts aim to tap into the potential of China’s 1.4 billion people, creating a massive market for businesses worldwide. He also stressed China’s commitment to global trade, inviting international companies to invest and grow in the country. Li believes this strategy will not only strengthen China’s economy but also support global economic recovery.

Despite challenges like cautious consumer spending due to low confidence, Li remains optimistic. The government has set a goal of about 5% GDP growth for 2025, signaling steady progress. By focusing on both manufacturing and consumption, China aims to balance its economy and offer new opportunities for global businesses. Li’s vision positions China as a stable force in a changing world economy, ready to share its growth with the world.