China will focus on boosting consumption to improve economy, premier says

China's Premier Li Qiang told a cabinet plenary session on Friday that great efforts must be made to boost the economy and the country will focus on stimulating consumption, state media reported.

Li added that China will look at measures to boost household income in both rural and urban areas, and will make support appropriate to the needs of different groups of people, state media reported.

Data on Thursday showed China's economy lost momentum in July with new home prices falling at the fastest pace in nine years, industrial output slowing and unemployment rising.