China’s premier cites ‘profound changes’ in urging boost to domestic consumption

Premier Li Qiang has urged stronger efforts to boost domestic demand and called on China’s exporters to diversify their markets as the country seeks to shore up its economy and mitigate external risks amid rising trade tensions with the United States.

“The external environment has undergone profound changes, posing challenges for China’s exports,” Li said in Beijing on Tuesday. “We must respond calmly to external shocks and challenges, step up efforts to boost consumption and expand domestic demand, strengthen the domestic economic cycle, and further unleash the potential of China’s massive market.”

He also pledged greater support for the property sector, once a key driver of economic growth.

To safeguard its economy, China is gradually shifting the focus of economic growth towards the domestic market, aiming to hedge against external shocks.

The premier vowed to boost employment, incomes and social welfare, while guiding companies to produce more competitive products to support consumption and spur new demand.