Kathmandu— Chinese Premier Li Qiang presided over a State Council meeting Monday, emphasizing the importance of achieving China’s economic and social development targets for the year, setting the stage for the country's 15th Five-Year Plan (2026-2030). While acknowledging overall economic stability and emerging growth drivers, Li highlighted insufficient domestic demand and rising external uncertainties as key challenges. He urged a combination of existing policies with new, practical measures to clear obstacles and drive innovation, quality, and efficiency in sustained economic development.

Economic Performance and Challenges

Premier Li noted that China’s economy has demonstrated resilience and steady progress since the beginning of 2026, with improvements in its economic structure. However, he identified insufficient domestic demand as a prominent issue impacting industries and enterprises. Rising uncertainties in the external environment also pose challenges to maintaining momentum.

Infrastructure Development Priorities

To unlock potential and ensure steady operation of the economy, Li called for accelerated construction of key infrastructure projects. These include water networks, new-type power grids, computing infrastructure, next-generation communications networks, urban underground pipelines, and logistics systems. The premier stressed that these developments are crucial as China begins its 15th Five-Year Plan period.

Boosting Investment and Consumption

Li emphasized the need for coordinated efforts to boost investment in human capital and stimulate domestic consumption. He specifically called for vigorous expansion of private investment, with particular support directed towards emerging industries, new infrastructure projects, and initiatives aimed at upgrading consumer goods and services. The premier also urged measures to maintain stable overseas demand and balanced trade development.

Supporting Industries and Livelihoods

The Premier stressed the importance of supporting both established and future industries, calling for continued transformation and upgrades within traditional sectors alongside stronger support for emerging pillar industries and those poised for future growth. He also highlighted the need to safeguard people’s livelihoods by ensuring stable employment, increasing incomes, and improving public services.

The State Council meeting signals a renewed focus on proactive policy implementation and strategic infrastructure investment as China aims to achieve its economic goals and successfully launch its 15th Five-Year Plan.

(With inputs from Xinhua)

Originally published on abcnews.com.np.