Chinese Premier Li Qiang unveiled ambitious plans to transform China into a “mega-sized consumer powerhouse” during his keynote address at the Summer Davos forum, signaling new opportunities for global businesses amid shifting economic priorities.
With nearly 50 trillion yuan ($7 trillion) in annual consumption and over 50 trillion yuan in investment, China is leveraging its position as the world’s second-largest consumer market to drive sustainable growth. “Our domestic demand expansion strategy will create synergies between advanced manufacturing capabilities and consumption upgrades,” Li stated, emphasizing untapped potential across sectors from green technology to elderly care services.
The announcement comes as China reports 20 trillion yuan in annual imports, with Premier Li highlighting cross-border e-commerce and service trade as key growth areas. Analysts suggest this dual focus on production and consumption could redefine global supply chains while offering multinational companies access to China’s 1.4 billion consumers.
Business leaders at the forum welcomed the commitment to market reforms, particularly in digital economy infrastructure and intellectual property protection – measures seen as critical for maintaining investor confidence amid global economic uncertainties.
