China’s Economic Plans

BEIJING (Reuters) – China’s Premier Li Qiang emphasized the need for significant efforts to boost the economy during a cabinet plenary session on Friday, as reported by state media.

Li indicated that the focus will be on stimulating consumption and that the government will explore measures to increase household income in both rural and urban areas. Support will be tailored to meet the specific needs of different demographic groups, according to state media reports.

Recent data revealed that China’s economy lost momentum in July, highlighted by new home prices declining at the fastest rate in nine years, a slowdown in industrial output, and increasing unemployment.