He Lifeng Pledges Faster Industrial Upgrade, New Steps to Spur Consumption

China’s Vice Premier He Lifeng said the government is speeding up plans to build a “modern industrial system” as part of a broader effort to lift economic growth. Speaking at a policy forum on 16 July, He highlighted industrial upgrading as vital to keeping global supply chains functioning and helping manufacturers adapt to new technologies. He added that Beijing will intensify measures to boost domestic consumption, indicating that fresh stimulus is being prepared ahead of a forthcoming upper-house vote on economic legislation. The vice premier did not detail specific incentives but signalled a focus on household spending to complement the country’s export and investment pillars. He also criticised what he called attempts by some economies to “de-risk” from China, arguing that such moves distort markets and undermine fair trade. The remarks come as Beijing seeks to reassure investors and trading partners following the United States’ 145% tariff on Chinese goods that took effect in April.