Longtime acolyte Li Qiang poised to be confirmed to top post
Li Qiang. Picture: REUTERS/TINGSHU WANG
“The CSRC was unhappy,” said a veteran banker close to regulators and Shanghai officials, declining to be named given the sensitivity of the matter. “Li’s relationship with Xi played a role here,” enabling him to present the scheme directly to the central government, without going through the CSRC, the person said.
“Officials know that Li Qiang is Xi Jinping’s guy,” he said. “He clearly thinks that Li Qiang is a very competent person and he has put him in this position because he trusts him and he expects a lot of him.”A career bureaucrat, Li was revealed as the pick for China’s No 2 role in October when Xi unveiled a leadership line-up stacked with loyalists.
“He took a liberal approach of granting private companies default access to enter the market, except when explicitly banned by law, rather then the traditional approach of keeping private companies out by default,” said Zhou. Still, several observers caution against putting too much weight on Li’s experience in a business hub such as Shanghai, since Xi has steadily tightened Communist Party control and taken the economy in a more statist direction.
Li entered Zhejiang Agricultural University in 1978, the year that campuses were reopened in China and competition for places was fierce. He later was awarded master’s degrees from the central party school in Beijing and Hong Kong Polytechnic University.
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