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RTHK
2 hours ago
- RTHK
China 'doing its bit to hasten world recovery'
China 'doing its bit to hasten world recovery' Premier Li Qiang listens to a speech at the Brics summit in Rio de Janeiro. Photo: Reuters Premier Li Qiang says China stands ready to work with the international community to get the world economy back on track at an early date. Li made the remarks on Monday when meeting with World Trade Organization director general Ngozi Okonjo-Iweala on the sidelines of the 17th BRICS Summit. Global trade has undergone significant changes with rising unilateralism and protectionism, he said, which has severely impacted the international economic and trade order and posed grave challenges to the world economy and countries' development. Against this backdrop, the international community has a stronger call for safeguarding the multilateral trading system and growing expectations for the WTO to play a more active role, he added. Noting that economic globalization is an irreversible trend of history, Li said China will, as always, continue to practice and safeguard multilateralism and free trade, actively support the reform and development of the WTO to restore its authority, accelerate the improvement of trade rules, and push for more concrete outcomes of the 14th WTO ministerial conference. Li said China has abundant resources and means to counter adverse external impacts, and is confident in and capable of promoting a steady and healthy economic development. This year, China has implemented more proactive and effective macro policies, advanced the strategy of expanding domestic demand, and launched special initiatives to boost consumption, he said, noting the huge, growing demand unleashed by the super-large market of more than 1.4 billion consumers. China, Li added, will introduce more measures for voluntary and unilateral opening up, strictly abide by the principles and market rules of the WTO, and continue to share development opportunities with other countries, so as to inject positive energy into the world. Okonjo-Iweala noted that the current multilateral trading system has been impacted, leaving the global economy and trade growth facing severe challenges. She called on WTO members to enhance dialogue and cooperation, safeguard the multilateral trading system and promote sustainable development. The WTO highly commends China's long-term support and assistance to the least developed countries, and highly values its important role in the multilateral trading system, she said. She also said the world trade body looks forward to working with China and other members to promote WTO reform, create an open and inclusive trade environment, and provide favourable conditions for global trade development and economic recovery. (Xinhua)
RTHK
2 hours ago
- RTHK
China 'doing its bit to hasten world recovery'
China 'doing its bit to hasten world recovery' Premier Li Qiang listens to a speech at the Brics summit in Rio de Janeiro. Photo: Reuters Premier Li Qiang says China stands ready to work with the international community to get the world economy back on track at an early date. Li made the remarks on Monday when meeting with World Trade Organization director general Ngozi Okonjo-Iweala on the sidelines of the 17th BRICS Summit. Global trade has undergone significant changes with rising unilateralism and protectionism, he said, which has severely impacted the international economic and trade order and posed grave challenges to the world economy and countries' development. Against this backdrop, the international community has a stronger call for safeguarding the multilateral trading system and growing expectations for the WTO to play a more active role, he added. Noting that economic globalization is an irreversible trend of history, Li said China will, as always, continue to practice and safeguard multilateralism and free trade, actively support the reform and development of the WTO to restore its authority, accelerate the improvement of trade rules, and push for more concrete outcomes of the 14th WTO ministerial conference. Li said China has abundant resources and means to counter adverse external impacts, and is confident in and capable of promoting a steady and healthy economic development. This year, China has implemented more proactive and effective macro policies, advanced the strategy of expanding domestic demand, and launched special initiatives to boost consumption, he said, noting the huge, growing demand unleashed by the super-large market of more than 1.4 billion consumers. China, Li added, will introduce more measures for voluntary and unilateral opening up, strictly abide by the principles and market rules of the WTO, and continue to share development opportunities with other countries, so as to inject positive energy into the world. Okonjo-Iweala noted that the current multilateral trading system has been impacted, leaving the global economy and trade growth facing severe challenges. She called on WTO members to enhance dialogue and cooperation, safeguard the multilateral trading system and promote sustainable development. The WTO highly commends China's long-term support and assistance to the least developed countries, and highly values its important role in the multilateral trading system, she said. She also said the world trade body looks forward to working with China and other members to promote WTO reform, create an open and inclusive trade environment, and provide favourable conditions for global trade development and economic recovery. (Xinhua)
South China Morning Post
3 hours ago
- South China Morning Post
How can China get consumers spending? Here are 5 ideas being floated in Beijing
China has made boosting consumer spending a key policy priority in recent months, as it tries to rebalance its economy away from a reliance on exports and offset the impact of an unprecedented trade war with the United States. The country has launched a massive trade-in programme for consumer goods that has succeeded in driving up sales of everything from cars to smartphones, but there are signs that the policy is starting to lose momentum and deflationary pressure continues to affect the economy. That has led to growing calls for the government to take further action, with top Chinese economists floating a range of new policy proposals. Here are five of the ideas being discussed. Assess local officials based on their ability to boost consumption Bai Chongen, dean of the School of Economics and Management at Beijing's prestigious Tsinghua University, has suggested making consumption a key performance indicator for local governments. China's appraisal system for local cadres plays a key role in determining which officials are promoted to higher levels of government, and the system is known to shape officials' priorities while in office. If local economic growth remains the top performance metric, officials will keep prioritising investment-driven development, leading to oversupply, price instability and mounting debt pressure, Bai said in an interview with China News Service. Making consumption a key performance metric, he argued, would instead steer local governments towards a more sustainable growth model – one that fosters stable employment and strengthens consumer confidence.
