China to stimulate domestic demand as downward economic pressure increases

BEIJING (Reuters) – China will “appropriately” expand domestic demand by promoting a consumption upgrade and accelerating major investment projects, as downward pressure on the economy increases, Premier Li Keqiang said on Monday.

China must maintain continuity and stability of its macro economic policies, while taking timely measures to improve policy effectiveness and steady market expectations, Li told a meeting of provincial governors in the eastern city of Nanjing.

“All localities should work creatively according to local conditions … to keep economic growth in a reasonable range,” Li said, according to a release on the Chinese government’s official website.

The government has reiterated its confidence in meeting an annual growth target of around 6.5 percent, despite external headwinds from a protracted trade war with the United States.

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