Beijing cites domestic demand as the key driver of its growth strategy

Finance vice-minister says China is helping to steady global economy at a key moment

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DURBAN, South Africa — China's trade with the world is within reasonable bounds, and the nation is not out to dominate global markets, a senior official has said, pointing to figures showing that domestic consumption is driving economic growth.

"Most of China's production is intended to meet domestic demand," Finance Vice-Minister Liao Min said in an interview on July 18 near Durban, South Africa, where he was attending a gathering of Group of 20 policymakers.

"When there's demand from abroad, China exports accordingly. This does not mean, however, that China is trying to dominate every market," he said.

Mr Liao also hailed the latest Chinese gross domestic product growth figures as helping to contribute to the world economy at a decisive moment.

Economists have marked down their projections for global growth in 2025 due to the onslaught of tariff increases by US President Donald Trump.

Figures this week showed China's expansion at 5.3 per cent for the first half of 2025, "in line with expectations", Mr Liao said.