Overview

• Li Qiang said China remains committed to rapid growth as it shifts from a manufacturing-led to a consumer-driven economy.
• Six top government agencies issued guidelines to unlock spending with tools including easier credit, relending facilities and enhanced support for consumer-focused businesses.
• The People’s Bank of China set up a 500 billion yuan relending facility targeting elderly care and services consumption and encouraged new debt and equity issuance in the consumer sector.
• High uptake of a subsidized home appliance trade-in program and robust May retail sales prompted Beijing to redistribute 138 billion yuan to sustain provincial stimulus.
• Singapore’s Prime Minister Lawrence Wong proposed “flexible multilateralism” to modernize trade rules and warned against weaponizing economic ties through tariffs.