Key facts
- China's Premier Li Qiang acknowledged insufficient domestic demand and rising external risks.
- Li called for stabilizing external demand and expanding international trade cooperation.
- July economic data showed slowing industrial output and retail sales.
- Second-quarter GDP growth was below Beijing's full-year target.
- The government aims to achieve annual economic development goals and expand domestic demand.
China's Premier Li Qiang acknowledged that the country is facing challenges from insufficient domestic demand and increasing external risks, which are impacting economic growth. Speaking at a State Council meeting, Li emphasized the need to stabilize external demand and expand international economic and trade cooperation to promote balanced trade development. This comes as recent economic data for July indicated a slowdown in momentum, with industrial output and retail sales cooling. The second-quarter GDP growth had already reached a three-and-a-half-year low, falling short of Beijing's annual target. The government remains committed to achieving its economic development goals, with a strategic focus on expanding domestic demand, promoting employment and income growth, and supporting investment in emerging sectors and infrastructure.