In a turbulent world, Beijing will double down on household spending to fuel growth and overcome risks, China\u2019s premier says.<\/b>
\nPremier Li Qiang has pledged that China will become a \u201cconsumption powerhouse\u201d capable of fuelling domestic and global growth, even as he acknowledged the country was grappling with a slump in cross-border investment and persistent trade tensions.
Speaking at the World Economic Forum\u2019s annual meeting in Tianjin on Wednesday, Li reiterated Beijing\u2019s commitment to boosting demand in the world\u2019s second-largest economy and defending globalisation.
\u201cThis will make China a mega-sized consumption powerhouse, on top of being a manufacturing powerhouse,\u201d Li said at the gathering, also known as Summer Davos.
\u201cWe are on track to become a high-income country supported by robust consumption upgrades,\u201d he added.
Beijing\u2019s pivot towards stimulating household spending has gained urgency amid a volatile trade war with the United States and rising global uncertainty.
Consumer activity picked up in May, helping offset pressure on manufacturing and exports in a challenging tariff environment. Retail sales rose by 6.4 per cent year on year, compared to 5.1 per cent in April.<\/p>\n