Li Qiang becomes the Chinese prime minister, charged with reviving the economy

Li Qiang, the former Communist Party chief in Shanghai, assumed the post of prime minister of China on Saturday, the country’s second-highest post, with responsibility for getting the economy back on track after three years of Covid-19 restrictions. 19.

Widely regarded as a pragmatic and pro-business politician, Li, 63, has the difficult task of helping China’s uneven economic recovery amid global headwinds and low consumer and private sector confidence.

Li, a close ally of President Xi Jinping, takes office as tensions with the West grow on several fronts, including moves by the United States to block China’s access to technology. Additionally, global companies are diversifying their supply chains to hedge their exposure to the Asian country due to political risks and Covid-related restrictions.

He replaces Li Keqiang, who is retiring after two five-year terms, during which his role was gradually reduced as Xi strengthened his power and steered the world’s second-largest economy in a more statist direction.

Li Qiang is the first premier since the founding of the People’s Republic who has never served in the central government, meaning he could face a learning curve in the first few months, analysts say.

However, Li’s close ties to Xi — Li served as Xi’s chief of staff from 2004 to 2007, when the latter was provincial party secretary in Zhejiang — will give him power, observers said.

“My understanding of the situation is that Li Qiang will have much more leeway and authority within the system,” said Troy McArver, co-founder of consulting firm Trivium China.

Source: Terra

Rose

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