- China’s new Premier Li Qiang said on Monday that policymakers would focus on the quality of growth – particularly on ordinary people’s needs for housing, income, education and health care.
- He said China’s growth target of around 5% will not be easy to achieve. But he said policymakers would push for growth, arguing that non-state-owned enterprises would have more room to develop.
- Li was named China’s new premier on Sunday, in a much-anticipated move.
China’s new Premier Li Qiang said on Monday that policymakers would focus on the quality of growth. While he said China’s growth target of around 5% will not be easy to achieve, policymakers would push for growth, he added.
Lintao Zhang | Getty Images News
BEIJING — China’s new premier Li Qiang said Monday that policymakers would focus on the quality of growth — especially on ordinary people’s needs for housing, income, education and health care.
His comments reflected how Beijing remains focused on priorities other than growth itself.
Li said China’s focus shifted to what it calls high-quality development, such as building technology and so-called green industries.
On macro policy, he said leaders would focus on stability, boosting domestic and external demand, technological innovation and spreading risks.
He said China’s growth target of around 5% will not be easy to achieve. But he said policymakers would push for growth, arguing that non-state-owned enterprises would have more room to develop.
Li was named China’s new premier on Sunday, in a much-anticipated move. He is a known protege of Chinese President Xi Jinping and has never served as deputy premier – his appointment breaks with precedent.
On Friday, Xi was given an unprecedented third term as president, further consolidating his power.
Xi was widely expected to retain the role in this month’s largely ceremonial parliamentary meeting, known as “The Two Sessions”. The annual gathering marks the meetings of an advisory group and a legislative assembly, the National People’s Congress.
In other leadership changes announced over the weekend, He Lifeng was among four people appointed as deputy premiers. He previously headed the National Development and Reform Commission, China’s economic planning agency.
Several ministers retained their roles. Yi Gang remains head of the People’s Bank of China, Liu Kun heads Finance and Commerce Minister Wang Wentao, according to state media.
New Chinese Premier Li Qiang, pictured right, is a known protege of Chinese President Xi Jinping, pictured left.
Lintao Zhang | Getty Images News | Getty Images
Beijing has yet to announce who will head the China Securities Regulatory Commission and the newly created National Financial Regulatory Administration, which will replace the China Banking and Insurance Regulatory Commission and expand its role.
The administration is set to oversee most of the financial industry — except the securities industry.
Beijing established the new finance administration as part of a restructuring of the State Council, the top executive body of the Chinese government. As Prime Minister, Li Qiang heads the State Council.
The restructuring comes as China’s ruling Communist Party is expected to significantly increase its direct control of the government.
The latest shuffle in government leadership will help make China’s monetary and fiscal policies more consistent, said JLL’s Bruce Pang. He expects the new team to help establish a “more growth-friendly attitude.”