China's consumption push will support global growth, Premier Li says

Reuters

9 hours ago

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.
Beijing'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.
"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.
"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."
His 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.
Lacklustre imports over the past six months have raised questions among economists over the nature of China's contribution to regional growth.