China Plans New Steps Amid Weak Consumption

China's commerce minister has described the current economic situation as 'very severe and complex,' highlighting weak domestic consumption and global trade turmoil despite 5.2% second-quarter growth. Recent retail sales have fallen below expectations, signaling that existing measures to boost consumer spending are inadequate. The government is preparing new policies to stimulate domestic demand, leveraging a 'plentiful toolbox' of economic options. Emerging trends, such as the popularity of Pop Mart's Labubu dolls, are seen as signs of resilience in consumer behavior. Beijing is accelerating efforts to shift economic reliance from infrastructure and exports toward domestic consumption, a transition made more urgent by ongoing U.S. tariffs and international trade tensions. Officials remain optimistic about China's long-term economic fundamentals and market potential.