Chinese Premier Li Qiang announced on Wednesday that China is striving to transform into a global consumption powerhouse, building upon its strong manufacturing base. Speaking at the opening of the 16th Annual Meeting of the New Champions, also known as the Summer Davos, in Tianjin, he emphasized China’s commitment to invigorate the global economy.
Welcoming Global Businesses
Premier Li highlighted the challenges of declining cross-border investments and fragmented supply chains worldwide. He reassured that China will continue to foster a market-oriented, law-based, and internationalized business environment. “We warmly welcome businesses from all countries to invest and deepen their roots in China,” he stated.
He also underscored China’s willingness to share its innovative technologies with the world, aiming to deepen integration with global markets and strengthen industrial collaboration.
Confidence in Economic Growth
Expressing confidence in China’s economic prospects, Premier Li noted that the nation is moving towards becoming a high-income country, with robust demand for consumption upgrades. “China is confident in and capable of maintaining rapid economic growth,” he affirmed.
He pointed out that despite external challenges, China’s gross domestic product grew by 5.4 percent in the first quarter of 2025. “Key economic indicators continued to improve in the second quarter, and international institutions have recently raised their expectations for China’s economic growth,” he added.
Call for Global Cooperation
Premier Li urged the international community to take constructive actions to promote free trade and multilateralism. “We need to proactively take practical measures to safeguard the stable development of the world economy,” he said.
He called for resolving disputes through equal consultations based on mutual respect, emphasizing that solutions can always be found through dialogue.
Li also stressed the importance of strengthening macroeconomic policy coordination to ensure the stability of global industrial and supply chains. He highlighted the rapid rise of the Global South and the growth of emerging trade despite slowing traditional trade.
Entrepreneurship for a New Era
Themed “Entrepreneurship for a New Era,” the Summer Davos event gathered over 1,700 leaders from more than 90 countries and regions from June 24 to 26. The participants explored how entrepreneurship and emerging technologies can unlock more dynamic and resilient economies.
