China Eyes Consumer-Driven Growth Amid Economic Shifts

China's Premier Li Qiang expressed confidence that China can maintain growth as the country transitions from a manufacturing-led economy to a consumer-driven one. Structural reforms, bolstered by policy support, are essential amid ongoing trade tensions with the US. Beijing aims to achieve a 5% growth target by 2025.

China's Premier Li Qiang expressed optimism about the nation's economic growth prospects during a speech at the World Economic Forum in Tianjin. He emphasized China's ability to maintain a rapid growth rate despite transitioning from a manufacturing-driven model to one led by consumer demand.

This transition is crucial as China seeks to cushion the economic impact of its trade conflict with the US. Chinese authorities face the challenge of implementing structural reforms to sustain growth, shifting focus to their vast consumer market.

Beijing has set a 2025 growth target of around 5%, but analysts express skepticism about achieving this without a truce with Washington. As the shift toward consumption-led growth remains politically sensitive, China's leadership aims to open untapped markets to global businesses.

(With inputs from agencies.)