China’s Li Qiang urges policy support to boost domestic demand and stabilise trade

China’s Premier Li Qiang called for pragmatic incremental policy support to shore up domestic demand, accelerate major projects and stabilise trade as Beijing seeks to meet its annual economic and social development goals and launch the 15th Five-Year Plan on a strong footing. Speaking at the 12th plenary meeting of the State Council, Li said China’s economy has remained generally stable this year and is shifting toward new growth drivers, but warned that insufficient domestic demand is still a prominent problem, some industries and enterprises face mounting difficulties, and uncertainty in the external environment is rising. He urged governments to fully use existing policies, formulate effective new measures promptly, advance major engineering projects from the outset of the plan period, speed up use of policy funds and create tangible physical workload quickly. Li also called for accelerating the "Six Networks" construction plan, improving investment and financing mechanisms to attract social capital, promoting private investment in emerging sectors, new infrastructure and consumption upgrades, supporting employment and income growth, and expanding mutually beneficial trade cooperation to promote balanced trade development.

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