Chinese President Xi Jinping on Saturday nominated Li Qiang to become premier during the ongoing annual meeting of China's rubber-stamp parliament, a role charged with managing the world's second-largest economy.
He will take office amid rising tensions with the West, including U.S. moves to block China's access to key technologies and as many global companies diversify supply chains to hedge their China exposure, given political risks and the disruptions of the COVID era.
Li's top task this year will be beating that target without triggering serious inflation or piling on debt, said Christopher Beddor, deputy China research director at Gavekal Dragonomics. "The leadership has already accepted two years of exceptionally weak economic growth in the name of COVID containment. Now that containment is gone, they won’t accept another," he said.
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