China's New No.2
Bloomberg Businessweek US|November 14, 2022
Li Qiang, a Xi Jinping acolyte, faces major challenges in steering the economy
Benjamin Purvis
China's New No.2

As the Chinese Communist Party’s top boss in Shanghai, Li Qiang helped smooth Elon Musk’s path to opening Tesla Inc.’s first overseas factory. He’s been an outspoken advocate for privately owned businesses, too. But he was also the driving force behind the Covid-related lockdown that earlier this year put the brakes on economic activity in mainland China’s biggest financial hub.

Now he’s been catapulted into the party’s No. 2 slot—behind President Xi Jinping—and all eyes are on how he might shape policy on the national level as the world’s second-largest economy navigates an array of challenges, from demographic shifts and US technology sanctions to the fallout from antiCovid-19 measures and a meltdown in housing.

Li’s promotion puts him in line within the coming months to take over from Li Keqiang as premier, a crucial economic role overseeing all government ministries, including the central bank. In his three-decade career as a local and provincial politician on China’s wealthy east coast, Li Qiang has carved out a pro-business position that seeks to encourage economic growth through investment in high-tech industries, balanced against environmental protection and maintaining a tighter rein on real estate speculation.

His position within the party’s all-important Politburo standing committee rests first and foremost on his loyalty to Xi, who last month installed allies in the CCP’s top posts and cemented his status as the most powerful Chinese leader since Mao Zedong. That’s raised doubts about just how much any of Li’s pro-business views might shape his choices in the central government.

This story is from the {{IssueName}} edition of {{MagazineName}}.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

This story is from the {{IssueName}} edition of {{MagazineName}}.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

MORE STORIES FROM BLOOMBERG BUSINESSWEEK USView all
Instagram's Founders Say It's Time for a New Social App
Bloomberg Businessweek US

Instagram's Founders Say It's Time for a New Social App

The rise of AI and the fall of Twitter could create opportunities for upstarts

time-read
4 mins  |
March 13, 2023
Running in Circles
Bloomberg Businessweek US

Running in Circles

A subscription running shoe program aims to fight footwear waste

time-read
3 mins  |
March 20 - 27, 2023
What I Learned Working at a Hawaiien Mega-Resort
Bloomberg Businessweek US

What I Learned Working at a Hawaiien Mega-Resort

Nine wild secrets from the staff at Turtle Bay, who have to manage everyone from haughty honeymooners to go-go-dancing golfers.

time-read
10 mins  |
March 20 - 27, 2023
How Noma Will Blossom In Kyoto
Bloomberg Businessweek US

How Noma Will Blossom In Kyoto

The best restaurant in the world just began its second pop-up in Japan. Here's what's cooking

time-read
3 mins  |
March 20 - 27, 2023
The Last-Mover Problem
Bloomberg Businessweek US

The Last-Mover Problem

A startup called Sennder is trying to bring an extremely tech-resistant industry into the age of apps

time-read
10+ mins  |
March 20 - 27, 2023
Tick Tock, TikTok
Bloomberg Businessweek US

Tick Tock, TikTok

The US thinks the Chinese-owned social media app is a major national security risk. TikTok is running out of ways to avoid a ban

time-read
10+ mins  |
March 20 - 27, 2023
Cleaner Clothing Dye, Made From Bacteria
Bloomberg Businessweek US

Cleaner Clothing Dye, Made From Bacteria

A UK company produces colors with less water than conventional methods and no toxic chemicals

time-read
3 mins  |
March 20 - 27, 2023
Pumping Heat in Hamburg
Bloomberg Businessweek US

Pumping Heat in Hamburg

The German port city plans to store hot water underground and bring it up to heat homes in the winter

time-read
3 mins  |
March 20 - 27, 2023
Sustainability: Calamari's Climate Edge
Bloomberg Businessweek US

Sustainability: Calamari's Climate Edge

Squid's ability to flourish in warmer waters makes it fitting for a diet for the changing environment

time-read
4 mins  |
March 20 - 27, 2023
New Money, New Problems
Bloomberg Businessweek US

New Money, New Problems

In Naples, an influx of wealthy is displacing out-of-towners lower-income workers

time-read
4 mins  |
March 20 - 27, 2023