China to Focus on Boosting Consumption to Strengthen Economy, Premier States

BEIJING (Reuters) – China’s Premier Li Qiang emphasized the need for significant efforts to revitalize the economy during a cabinet plenary session on Friday, with a particular focus on stimulating consumer spending, according to reports from state media.

Li highlighted that the government will implement measures aimed at increasing household income in both rural and urban regions, ensuring that support is tailored to meet the needs of various demographic groups.

Recent data revealed that China’s economy showed signs of slowing in July, with new home prices experiencing their sharpest decline in nine years, coupled with a slowdown in industrial production and a rise in unemployment.