Laying out his strategy for long-term economic growth, a possible future leader of China said Thursday that Beijing would seek to boost domestic consumer demand to drive forward its booming economy and move away from an over-reliance on export markets, reported AP.
Vice Premier Li Keqiang said at the World Economic Forum in Davos, that China's market of over 1 billion people would open up gradually in the coming years, with monopolies broken up and competition encouraged, benefiting the whole world.
His speech in Davos provided no radical policy shifts from Beijing, which already has been focusing on diversifying its sources of economic growth. Export markets have rebounded for China since the depths of the economic crisis a year ago, but the stronger emphasis on the domestic consumer reflects a realization that Americans, Europeans and other wealthy foreigners cannot be counted on to increase their spending on Chinese goods forever.
Much needs to be done with the average Chinese making less money than people in about 100 other countries, he said.
Li said "we should promote more open market," but his explanation made it clear that he didn't see free trade as a one-way commitment. He warned against protectionism, which China has accused the rich world of practicing in its restrictions on Chinese products ranging from steel to footwear.
