Xi Jinping appoints longtime ally and confidant Li Qiang as China’s new premier

China's third-term President Xi Jinping on Saturday,during the ongoing annual meeting of China's parliament, appointed his close ally and confidant Li Qiang to the post of premier. The role, as per Reuters, is charged with managing the nation's economy. 63-year-old Li Qiang is a close ally of the ‘supreme leader’ Xi Jinping and even served as his chief of staff between 2004 and 2007.

LiQiang, the former Communist Party chief of Shanghai, replaces Li Keqiang. The former premierserved two five-year terms.

Watch |Xi Jinping handed unprecedented third term as China’s president

Widely perceived to be pragmatic and business-friendly, the new premier faces the daunting task of shoring up China's uneven economic recovery. With weak confidence among consumers and the private sector, and global headwinds, the nation's economy is weighted down after three years of COVID-19 curbs.

It grew by merely 3 per cent last year. On the opening day of the current parliament session, Beijing has set a modest 2023 growth target of around 5 per cent — its lowest goal in nearly three decades.

Christopher Beddor, deputy China research director at Gavekal Dragonomics, says Li's top task this year will be beating the growth target without triggering serious inflation or piling on debt.

His rise to premiership comes amid the biggest government reshuffle in a decadeas Xi installs a slate of loyalists in key positions. His rise to power also comes amid rising tensions with the West.

(With inputs from agencies)

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