China Builds Mega Consumption Powerhouse, Develops Five Global Cities

Chinese Premier Li Qiang emphasized China's strategy to transform the country into a major consumption powerhouse built on its strong manufacturing foundation during the World Economic Forum in Tianjin. He highlighted the importance of cooperation amid rising global trade tensions, including those stemming from U.S. tariffs under President Donald Trump, warning against protectionism and advocating for mutual success. China is aggressively developing five key cities—Shanghai, Beijing, Guangzhou, Tianjin, and Chongqing—into international consumption centers comparable to global metropolises like New York and Paris, aiming to boost domestic spending and economic growth. This initiative, endorsed by President Xi Jinping in 2021 and approved by the State Council in 2017, seeks to elevate these cities as shopping and commercial hubs with advanced infrastructure and strong consumer purchasing power. Efforts include fostering diversified consumption scenarios, attracting international tourists, and integrating domestic with foreign trade to sustain China's economic recovery and expansion. These actions reflect Beijing's broader goal to stabilize the economy by expanding domestic demand amidst a complex global economic environment.