China’s new Premier Li Keqiang has sought to restore confidence in the country’s economy in his first public address since assuming the role.
He said meeting the growth target – 5% – set last week “will not be easy”, but added that “the economy is stabilizing and picking up again”.
The world’s second-largest economy is still reeling from the effects of Beijing’s zero-covid policy.
There are also challenges due to population decline and job losses.
Investor confidence has also been hit in recent years as China’s leader, Xi Jinping, has consolidated his power, cracking down on private businesses, from tech companies to the tuition industry.
In an attempt to allay these concerns, Mr Lee said, “During a period last year, there was some misperception about the growth of the private economy and some entrepreneurs were concerned… the environment for the private economy is better.” It will be better than and there will be more space for it.”
Mr. Li also struck a more conciliatory tone toward the United States: “China and the United States should cooperate and cooperate. When China and the United States work together, we can achieve a lot. Encirclement and suppression are benefits for no one.” Not good.”
As Shanghai’s party chief, he oversaw one of the strictest zero-covid lockdowns that hit China’s economic hub, leaving many to feed. Party officials have often moved to implement what was seen as Mr. XI’s signature policy, which was reversed in December after mass protests.
Although Mr Li’s appointment was certain after the party congress in October, he was formally appointed only during two sessions, the annual meetings of China’s legislature and top political advisory body, which ended on Monday.
As prime minister, he is now tasked with managing China’s economy and his elevation has surprised many – unlike almost all of his predecessors, he has no experience working in central government. But he is known as a loyalist of Mr Xi, having worked closely with him between 2002 and 2007 in one of China’s richest provinces – Zhejiang.
“The State Council machinery will need some adjustment to operate, but it likely had some ‘practice’ during zero-Covid because Shanghai, as China’s largest city, is closely linked with State Council agencies. “Coordination had to be done and it took over the lead group on Covid. For months now,” says Victor Shih, a professor at the University of California San Diego.
“On matters that Xi cares about, there will be little room for flexibility. However, he has a greater ability to persuade [Li] Xi.”
Mr Xi, the most powerful leader since Chairman Mao Zedong, also secured a historic third presidential term in two sessions last week. It was still widely expected after the two-term presidential term limit was removed five years ago.
“This is my third term as the country’s president. The trust of the people is my biggest driving force and a heavy responsibility on my shoulders,” Mr Xi said on Monday.
“Security is the basis of development, while stability is the condition of prosperity,” he said.
