China signals bolder policies to boost spending, investment as headwinds rise
Premier Li Qiang called for more action to boost consumption and investment, following a concerning set of economic data for July
Chinese Premier Li Qiang has called for more action to boost consumption and investment, as the world’s second-largest economy strives to meet its annual growth targets despite facing growing headwinds in the second half of the year.
“[We] should recognise the hard-won achievements and the strong resilience as well as dynamism of China’s economy, reinforcing confidence, while also acknowledging the risks and challenges in the economy and the complex external environment,” he told a meeting of the State Council, China’s cabinet, on Monday.
Li stressed the need for measures to drive up consumption and investment, specifically mentioning the need to further stabilise the property market.
The premier also called for more efforts to unleash potential consumption by removing restrictions on spending and accelerating the development of new growth drivers such as service industries and other new forms of consumption.
The government will step up its efforts to expand investment, with major projects playing a leading role in driving growth, according to the meeting.