China premier pledges to make country a 'consumption powerhouse'
Despite deflationary pressure, Li Qiang assures 'Summer Davos' on growth
Customers shop for electronic gadgets at a mall in Shanghai in April. © Reuters
WATARU SUZUKI
SHANGHAI -- Chinese Premier Li Qiang on Wednesday brushed off worries over the country's economic slowdown, pledging stable growth in the face of deflationary pressures and trade turbulence.
Speaking at the World Economic Forum in Tianjin, known as "Summer Davos," Li said China is "confident and capable of maintaining relatively rapid growth," while adding that the country's economic development "is not a short-term expansion, but a steady progression toward long-term goals."
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