New Chinese Premier Li Qiang has sought to reassure the country's private sector, saying the environment for entrepreneurial businesses will improve
Making his public debut in a media conference, the close ally of President Xi Jinping said China will take measures to boost jobs and urged officials at all levels to"make friends" with entrepreneurs.
Li, the former Communist Party chief of Shanghai, was installed as premier on Saturday during the annual session of China's parliament and is tasked with reviving the world's second-largest economy after three years of COVID curbs. A career bureaucrat in some of China's most economically vibrant regions, Li talked up his track record with the private sector, which has been jolted by a series of sweeping regulations targeting industries, including internet platforms and private education.
At the opening of the annual parliamentary session, China set a GDP growth target of around 5% percent, its lowest goal in nearly three decades, after the economy grew just 3% last year.Li replaces Li Keqiang, who retired after serving two five year terms during which he was seen to be increasingly sidelined as Xi tightened his grip on control of the economy.
Xi was speaking for the first time since the National People's Congress, China's parliament, unanimously voted to confirm him in a precedent-breaking third term as China's president. Xi said China will distribute the fruits of development more equitably, in an effort towards "common prosperity", his signature policy of reducing the wealth gap by ways such as asking private firms to pitch in.
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