Global Economy News
LAST UPDATE: June 26, 2025
China’s consumption push will support global growth, Premier Li says
Premier Li Qiang stated at the AIIB annual meeting that China is transitioning toward a consumption-driven model, strengthening macro‑policies and expanding domestic demand since late 2024. He believes this shift will reinforce China’s role as a key driver of global growth .
Insight
Li’s emphasis on consumption over exports reflects Beijing’s strategic pivot toward resilient growth amid global slowdowns and trade tensions. Success here could reshape global trade patterns—but requires sustained policy support.
China hosts Iranian, Russian defence ministers against backdrop of “momentous change”
In Qingdao, China hosted defence ministers from Iran and Russia under the Shanghai Cooperation Organisation framework, condemning unilateralism and protectionism amid Middle East conflicts and NATO military buildup. Beijing offered diplomatic support to Tehran but stopped short of deeper involvement .
Insight
This summit signals China’s intent to assert a multipolar security role while balancing ties with both Western and SCO states. It’s measured diplomacy—projecting influence but avoiding entanglement in Middle Eastern conflicts.
World Bank, IAEA to cooperate on nuclear power development, safety
On June 26, the World Bank and IAEA signed an MoU to jointly support safe nuclear power financing in developing nations. The partnership will focus on nuclear safety, waste management, extending reactor life, and deploying small modular reactors (reuters.com).
Insight
This marks the World Bank’s strategic revival of nuclear under President Banga’s broader “all-of-the-above” energy approach. It leverages IAEA safety standards to de-risk nuclear investments, potentially shifting global energy financing patterns in developing regions.
