Newly promoted Chinese President Xi Jinping loyalists previously led 'rich provinces where economic growth is still the top priority,' Teneo analysts said.
"Mr Li suffered some setbacks during the Omicron wave in spring this year, when the entire city of Shanghai was put under a restrictive full lockdown. However, during most of 2020 and 2021, Shanghai under Mr Li's governorship was perceived as a role model for achieving a reasonable balance between Covid containment and economic growth."
He Lifeng will likely "succeed the retiring Liu He as vice premier and director of the party's Central Financial and Economic Affairs Commission," Teneo analysts said. Common prosperity — moderate wealth for all, rather than just a few — is a requirement for that modernization, Xi said.'There's lots to buy in China,' fund manager says and names these 2 EV stocks
Chinese officials have signaled that the crackdown is nearing an end. In July, a Politburo meeting readout said officials called for the continued "healthy" development of the "platform economy" andThe party congress that ended over the weekend did not signal whether China's stringent Covid controls would be changed soon. The restrictions on business activity have weighed on economic growth.
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