As he faced the media for the first time as premier on Monday, Li Qiang focused on boosting confidence—in China’s ailing economy and its private sector, and among foreign investors, reports the South China Morning Post. Li, 63, the former Communist Party chief of Shanghai, was confirmed by the national legislature as the new premier on Saturday and comes into the job as China confronts a series of domestic and international challenges to the economy.
In addition to weak consumer and private sector confidence, the country is grappling with faltering exports and escalating tensions with the United States and its allies.
Last year, its pandemic-hit economy grew just 3%—the country’s second lowest rate since 1976—and this year it is aiming for around 5%. To get there, Li sought to reassure entrepreneurs in China that the country would consistently support the private sector.