Overview

• Li Qiang asserted that globalization "will not be reversed" and urged nations to remove political barriers from trade at the World Economic Forum’s Summer Davos in Tianjin.
• He expressed confidence in maintaining a "relatively rapid" growth rate by transitioning China from a manufacturing-led model to a "mega-sized" consumer economy.
• Beijing rolled out sweeping financial support, including new credit tools, consumer subsidies and a 500 billion yuan relending facility, to stimulate domestic demand.
• Singapore Prime Minister Lawrence Wong called for "flexible multilateralism" to update global trade rules and voiced concern over US tariffs on Singapore despite its free-trade agreement.
• Officials emphasized the need to strengthen global economic governance to address intensifying trade tensions, protectionism and economic nationalism.