Chinese Premier Li Qiang Champions Boosting Consumption for Economic Growth

During a study session held by the State Council in Beijing, Chinese Premier Li Qiang emphasized that boosting consumption is a key driver for economic development. He detailed plans to increase domestic demand by implementing measures that directly improve the quality of life for citizens, stressing the need for focused policies that enhance the consumption environment.

Li Qiang outlined the strategy of bolstering various service sectors, including education, healthcare, culture, sports, tourism, elderly care, and household services, as part of a broader initiative to upgrade the domestic consumption framework. By promoting these sectors, the government aims to provide more effective and practical services that meet the diverse needs of the population.

Additionally, the premier underlined the importance of embracing technological advancements such as artificial intelligence. He identified AI as a crucial tool for unlocking the consumption potential associated with AI terminal products and stressed the need for developing high-quality products and services to tap into emerging consumer demands. Li also called for a relaxation of market access in certain industries, thereby ensuring a smoother flow of innovative and high-quality products to the marketplace.

The study session featured contributions from prominent figures including Liu Yuanchun, president of the Shanghai University of Finance and Economics, and discussions involving Vice-premiers Ding Xuexiang and He Lifeng, as well as State Councilor Shen Yiqin. Together, these discussions underscored a coordinated effort by government leaders to realign the nation’s economic policies around the pivotal role of consumer spending.