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China puts private sector policy on the front burner after July data disappoints
- Premier Li Qiang tells the cabinet that more effort must be made to boost domestic demand
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Beijing has pledged greater support for the beleaguered private sector and vowed to “resolutely” achieve this year’s growth targets after weaker-than-expected July data added to concerns about the economy.
At a plenary meeting of the State Council on Friday, Premier Li Qiang told cabinet members to put greater effort into “consolidating the economic recovery”.
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“We must take more powerful measures to boost domestic demand,” state news agency Xinhua quoted Li as saying.
“Boosting consumption is the key. We must adopt targeted measures to smooth economic circulation.”
Plenary meetings are often convened to signal the central government’s policy intentions and enforce key strategies. They are attended by all members of the cabinet while the more frequent executive meetings are usually attended by senior officials involved in a specific agenda.
Friday’s gathering was the first plenary meeting since March’s goal-setting conference and signalled that the top economic officials had returned from the annual two-week Beidaihe summer retreat.
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In addition to Li, those attending the meeting included vice-premiers Ding Xuexiang, He Lifeng, Zhang Guoqing and Liu Guozhong, all of the state councillors as well as ministers such as National Development and Reform Commission chairman Zheng Shanjie.
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