China Building 'Mega-Sized' Consumer Economy, Says Premier Li Qiang

Premier Li Qiang has projected confidence that China can turn consumption into a driver for the economy, while also portraying his nation as a stabilizing force in a rapidly shifting global trade landscape.

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TIANJIN, China –

Policymakers were growing the nation "into a mega-sized consumer powerhouse on top of its solid foundation as a manufacturing power," Mr. Li said in a speech at the World Economic Forum's meeting in Tianjin on June 25.

"This will bring vast markets to enterprises from all countries."

He added that while the world was seeing a host of global trade frictions, China was positioned "to cross cycles, move forward steadily, and continue to inject more stability and certainty into the world economy."

Mr. Li did not directly mention the Trump administration's tariffs or Washington's tech curbs, but called for "all parties to avoid the politicization of economic and trade issues," saying Beijing's approach offered win-win outcomes.

Chinese officials often express confidence that they can build the consumer sector into a key engine of the economy, but the task is becoming more urgent as governments around the world push back on China's huge amount of exports.