China mulls economy-boosting measures to counter 'severe situation'
Growth hit 5.2 percent in the second quarter, official data showed Tuesday, but analysts have warned that more must be done to boost sluggish domestic consumption as exports face the knock-on effects of global trade turmoil.
Retail sales rose far less than expected last month and were much weaker than May, suggesting efforts to kickstart consumption have fallen flat.
"We are still facing a very severe and complex situation. Global changes are unstable and uncertain. Some of our policies will provide some new responses according to the times and circumstances," Wang Wentao told journalists at a news briefing.
"Our toolbox is plentiful, and we will be fully prepared."
Asked specifically about China's reliance on exports, Wang suggested the government was preparing policies to "further stimulate the momentum of our consumption development".
"China's economy is improving, and the long-term fundamentals have not changed, the consumption market's characteristics of great potential, strong resilience and vitality have not changed," he said.
Wang also namechecked Beijing-based toymaker Pop Mart, whose Labubu monster dolls have become a must-have item internationally, adorning the handbags of celebrities such as Rihanna and Dua Lipa.
"We are also promoting new forms of consumption... for example Pop Mart, these kinds of new trends, new fashions and styles... the Labubu phenomenon has swept the world," he said.
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