Chinese Premier Calls Export Growth 'China Opportunity 2.0' as Consumer Spending Hits Post-Pandemic Low

He urged listeners to view the country’s export growth as “China Opportunity 2.0” rather than another wave of disruptive low-cost shipments. China recorded a trade surplus of $1.2 trillion last year, the largest on record, as the government leaned more heavily on manufacturing and exports to support growth.

Li stated that the government lacks funds for the scale of subsidies some trading partners have alleged.

He pointed to China’s complete industrial system and market of 1.4 billion people as the basis for competitiveness. “Any niche product can become a big business and a big industry in our huge market of 1.4 billion people,” Li said. He named Huawei Technologies as one firm that has advanced despite external suppression.

Data released last week showed consumer spending and investment at their weakest levels since the pandemic. Strong exports and reduced geopolitical tensions linked to the war in Iran have so far cushioned overall growth, The Japan Times reported. Economists have repeatedly cautioned that the model remains too dependent on exports and investment and have called for measures to raise household incomes and expand the social safety net.