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Chinese Premier Li Qiang launches confidence drive aimed at private sector and foreign investors
- Li pledges support for entrepreneurs and says the country will open further to foreign players
- The economy faces many challenges and reaching its growth target will not be easy, he says
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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.
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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 per cent – the country’s second lowest rate since 1976 – and this year it is aiming for around 5 per cent.
To get there, Li sought to reassure entrepreneurs in China that the country would consistently support the private sector.
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China’s new premier Li Qiang outlines priorities in first press conference
China’s new premier Li Qiang outlines priorities in first press conference
Beijing’s commitment to protect the private economy has come under a cloud in recent years after an array of regulatory crackdowns in sectors ranging from internet technology to private education and property development.
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