At the plenary session on the morning of March 11, the National People's Congress (NPC), also known as the National People's Congress, or the 14th National Assembly of China, began voting to elect a new Premier for the State Council of China, replacing Mr. Li Keqiang - who will leave office after serving two five-year terms.
Previously, Chinese President Xi Jinping nominated Li Qiang, a member of the Politburo Standing Committee, to hold the position of Prime Minister responsible for running the world's second largest economy.
According to an update from state news agency Xinhua, on the morning of March 11, Mr. Li Qiang was unanimously elected by the Chinese National Assembly as Prime Minister of the country for the 2023-2028 term.
The new prime minister of the nation of 1.4 billion people will have to face a slowdown in the world's second-largest economy, which has just reopened after the Covid-19 pandemic, weak global export demand, a prolonged tariff war with the US, a shrinking workforce and an aging population.
Chinese President Xi Jinping (L) talks with Li Qiang during a session of the 14th National People's Congress (NPC) on March 10, 2023. AP Photo/SL News
Mr. Li Qiang, born in 1959, is originally from Zhejiang. He joined the Communist Party of China in 1983. In addition to his degree in agricultural mechanization, like other party cadres in China, he also pursued a master's degree in business administration at the Hong Kong Polytechnic University.
He has held a number of local posts from low to high in his hometown of Zhejiang. In 2013, he was appointed Governor of Zhejiang Province.
In 2016, he was appointed Party Secretary of Jiangsu Province, a major economic hub in eastern China, marking the first time he held a post outside his home province. In 2017, he was appointed Party Secretary of Shanghai.
In the commercial hub of Shanghai, Mr. Li continued to pursue pro-business policies. In 2018, electric carmaker Tesla announced that it would build its first factory outside the United States. Half a year later, the American electric car giant succeeded as the first 100% foreign-owned automaker in China.
In October 2022, Mr. Li was elected to the Politburo Standing Committee of China at the 20th National Congress, paving the way for him to be elected as Premier of the State Council of China.
Li Qiang, who was once a close aide to Xi Jinping, will be tasked with reviving the world's second-largest economy to restore previous growth levels, ease immediate risks, tap long-term growth potential, and transform China into a high-income economy.
In addition to lingering economic headaches such as high local government debt, a property crisis and uncertainty among both investors and consumers, China’s new premier will face an urgent need to stem a decline in overseas orders, consider contingency plans if relations between China and some of its top export destinations continue to deteriorate, and source technological expertise.
Xi Jinping (right) is congratulated by Li Qiang after being re-elected as President for a third term during the plenary session of the National People's Congress (NPC) of China, March 10, 2023. Photo: Star
“He was a strong advocate of further opening up the market to foreign investors and urged the local administration to create a business-friendly environment when he took the helm of Shanghai,” said Wang Feng, chairman of Shanghai-based financial services group Ye Lang Capital.
“He is likely to give businesses, domestic or foreign, greater freedom to conduct cross-border transactions while asking government officials to continue cutting red tape to serve companies.”
Analysts also say China's post-pandemic economic recovery will ease pressure on Mr. Li to stabilize the economy, allowing his Cabinet to devote more efforts to addressing pressing issues such as boosting investor confidence, curbing high youth unemployment, and reversing weak private spending trends.
However, questions remain about how the new Chinese premier can reconcile his policies with Beijing's long-term goals of self-reliance and shared prosperity, and how far Li can push forward reforms of the troubled economy to deliver sustainable growth for China amid external headwinds .
Minh Duc (According to Xinhua, Channel News Asia, AP)
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