TIANJIN: As the world’s second-largest economy shifts from a manufacturing-led model to a consumer-driven one, China’s Premier Li Qiang expressed confidence on Wednesday that the country could sustain a “relatively rapid” growth rate. Analysts say this transformation is essential to guaranteeing the country’s future.
As Chinese officials attempt to use policy support to mitigate the economic harm caused by the trade war with the United States, Li gave the keynote address at a World Economic Forum meeting in Tianjin. This is a particularly difficult task for those in charge who are juggling the urgent need to implement painful structural reforms.
The second-ranking Chinese official, however, expressed optimism to delegates that Beijing could do both. “We have faith that we can sustain a comparatively quick pace of economic growth in China,” Li stated. China’s economy showed consistent improvement in the second quarter,” he said. “In spite of how the global context evolves, China’s economy has consistently maintained a strong momentum for growth.”
Beijing has set a lofty growth goal of “around 5%” for 2025, but most analysts predict that if a durable ceasefire with Washington cannot be reached, China would find it difficult to continue growing at those rates.
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