China’s new Premier Li Qiang said on Monday that policymakers would focus on the quality of growth. Although he said China’s growth target of around 5% would not be easy to achieve, policymakers would push for growth, he added.
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BEIJING – China’s new Premier Li Qiang said on Monday that policymakers will focus on the quality of growth – especially ordinary people’s needs for housing, income, education and health care.
His comments reflect how Beijing remains focused on priorities other than growth.
Li said China’s focus is shifting to what it calls high-quality development, such as building technology and so-called green industries.
On macro policy, he said leaders will focus on stability, boosting domestic and foreign demand, technological innovation and risk dispersion.
He say China’s growth target is around 5% will not be easily achieved. However, he said policymakers would spur growth and claimed non-state enterprises would have more room for growth.
China’s cabinet reshuffle
Li was appointed China’s new prime minister on Sunday, in a move much expected. He is a known patron of the president of China Xi Jinping and has never held the post of deputy prime minister – his appointment broke precedent.
On Friday, Xi won an unprecedented third term as president, moreover consolidate its power.
Mr. Xi is widely expected to hold the role during this month’s largely ceremonial parliamentary meeting, known as the “Two Sessions”. The annual meeting marks the meetings of an advisory group and a legislative body, the National People’s Congress.
Among other leadership changes announced over the weekend, He Lifeng was among four people appointed as deputy prime minister. He previously led the National Development and Reform Commission, China’s economic planning agency.
Some ministers remain in their roles. Yi Gang is still the leader People’s Bank of ChinaLiu Kun head of the Ministry of Finance and Commerce Minister Wang Wentao, according to state media.
New Chinese Premier Li Qiang, pictured right, known as the patron of Chinese President Xi Jinping, pictured left.
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Beijing has yet to announce who will head the China Securities Regulatory Commission and the newly established body National financial regulator, replaces the China Banking and Insurance Regulatory Commission and expands its role.
The government is set up to oversee most of the financial industry – with the exception of the securities industry.
Beijing has set up a new financial regulator 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 the ruling Communist Party of China is expected to significantly increase its direct control over the government.
JLL’s Bruce Pang said the latest shake-up in the government leadership would make China’s monetary and fiscal policies more consistent. He hopes the new group will help establish a “more development-friendly stance”.
