Li Qiang urges confidence

Islam News – In his first news conference as premier, Li Qiang promised that private and state-owned businesses would be treated equally and that the rights of entrepreneurs would be respected. His efforts to reinvigorate investor confidence come as the ruling Communist Party struggles to revive economic growth after “zero Covid” restrictions.

Li, who has a business-friendly reputation, promised “fair competition” in commerce. He delivered the most forceful statement by a Chinese leader in years on the need to preserve the vitality of the private sector, coming after a decade in which the party has played a growing role in private companies.

It showed that he is poised to take point on the economy, while Xi Jinping, China’s leader, has positioned himself to play the role of a removed, paternalistic leader who provides security. The direction of the country’s economy, the second largest in the world, now depends on how these tensions play out.

Background: Weak investor confidence has hurt China’s economy. Even after the end of Covid restrictions, many are still wary. Li cautioned that China’s modest goal of 5 percent growth would not be easy to achieve.

Source: The New York Times