Li, the former Communist Party chief of Shanghai, China’s largest city, will replace Li Keqiang, who is retiring during the National People’s Congress session that ends on Monday, after serving two five-year terms.
Li Qiang, 63, is a close ally of Xi, serving as his chief of staff between 2004 and 2007, when Xi was provincial party secretary of eastern China’s Zhejiang province.Widely perceived to be pragmatic and business-friendly, the incoming Li faces the daunting task of shoring up China’s uneven economic recovery after three years of COVID-19 curbs, weak confidence among consumers and the private sector, and global headwinds.He will take office amid rising tensions with the West, including U.S.
China’s economy grew just 3% last year, and on the opening day of parliament Beijing set a modest 2023 growth target of around 5%, its lowest goal in nearly three decades.Li’s top task this year will be beating that target without triggering serious inflation or piling on debt, said Christopher Beddor, deputy China research director at Gavekal Dragonomics.
Ur economy is going down
Trudeau's crying right now he wasn't chosen