Consumption, innovation offering economic momentum

China's economic transition is gaining momentum as initiatives to boost consumption and drive innovation take center stage, which will inject greater certainty into the global economic landscape and provide broader space in which multinational companies can thrive, officials and executives said on Sunday.

China will combine robust policy support and the unleashing of market forces as it strives to achieve its economic growth target of around 5 percent this year, and policymakers are well prepared to introduce new incremental policies if necessary, Premier Li Qiang said in Beijing at the opening ceremony of the two-day China Development Forum 2025.

The recent dynamism observed in China's consumer market, particularly in the film, winter sports and cultural tourism sectors, has pointed to the vast potential of the country's domestic economic circulation, Li said.