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SCMP Editorial

The premier’s closing press conference is a highlight of the annual “two sessions” of China’s national political advisory and legislative bodies. The one on Friday was Li Keqiang’s last.
What also set it apart was that he bowed out with an economic growth target for this year of 5.5 per cent – the lowest for 31 years, but far from the easiest to achieve.
Amid a fragile global economy, the Ukraine crisis and the Covid-19 pandemic, now rampant in Hong Kong, many economists have greeted it with scepticism. This was reflected in questions at the press conference.


To put it into perspective, China’s economy under Li’s watch more than doubled from 51.9 trillion yuan in 2012 to 114.4 trillion yuan (US$18.1 trillion) last year.
As Li pointed out, a 5.5 per cent increase would equal the total output of a medium-size country. It would be no mean feat. But he sounded confident.
He highlighted stability in the jobs market, the simplification of bureaucracy and cuts to red tape, taxes and fees. Indeed, there will be even more emphasis this year on cutting taxes and fees, especially for job-creating micro and small enterprises.
Job creation – at least 11 million in urban areas alone – is at the centre of the growth strategy. Li said jobs were key to maintaining “potential economic growth”.
‘Two sessions’ 2022: Covid in Hong Kong ‘serious’, says China’s premier
Even while Li was taking questions, the armed conflict in Ukraine widened as diplomatic peace efforts intensified. Li reaffirmed Beijing’s support for talks between Russia and Ukraine to find a peaceful solution, but repeated the concerns of President Xi Jinping that Western sanctions will hurt economic recovery from Covid-19.
On the explosion of the pandemic in Hong Kong, he said while it was the city’s primary responsibility Beijing would give its full support.
He urged the city’s government to unite and lead people to develop the economy, improve livelihoods and elevate the city’s status as an international finance, aviation and shipping hub.
In comments on the United States notably less critical than those of Foreign Minister Wang Yi earlier this week, Li admitted that differences between the two nations were unavoidable, “but cooperation should be the mainstream”. He said the relationship was still “moving forward” despite its ups and downs.
Li Keqiang vows focus on Hong Kong’s prosperity through integration
Li, an economist, has kept a relatively low profile as premier, mainly looking after the economy. It has been an increasingly demanding assignment.
He inherited an economy managed mainly through interest-rate controls, but has expanded his economic tool kit to meet the challenges as growth lost momentum decades after China’s opening up.
While the world has been battling Covid-19, China has refocused on domestic consumption under the so-called dual circulation policy, guided by Li’s hands on the economic levers. He is not done yet. The year ahead could be the most challenging.


More China trips, less diplomacy: what does Li Qiang’s schedule reveal about the changing role of premier?

Chinese Premier Li Qiang, meeting Irish president in Dublin, calls for increased bilateral relations

Chinese President Xi Jinping pays his final respects to former premier Li Keqiang

President Xi Jinping and China’s leadership pay final tribute to former premier Li Keqiang

Li Keqiang

Challenging year lies ahead as Li Keqiang signs off seeking 5.5 per cent growth

A large screen on a street in Beijing shows Chinese Premier Li Keqiang speaking at a press conference after the National People’s Congress closed on March 11, 2022. Photo: Kyodo

Looking inward, Chinese Premier Li Keqiang focuses on the national bottom line

This year is expected to be the last time s Premier Li Keqiang delivers the government work report. Photo: AFP

Premier Li Keqiang sets out Beijing’s stance on postponement of Hong Kong chief executive race: it must be ‘strictly’ in line with Basic Law

Chinese Premier Li Keqiang speaks during a press conference on Friday. Photo: AP

Beijing has set out its expectations of the Hong Kong government. Photo: Sun Yeung

Premier Li Keqiang speaks during a press conference on Friday. Photo: AP

Hong Kong is battling its fifth wave of the coronavirus. Photo: May Tse

Chief Executive Carrie Lam. Photo: SCMP

Opinion

Comment


Amid a fragile global economy, Ukraine crisis and Covid-19 pandemic, now rampant in Hong Kong, to hit such a target will be no mean feat



Amid a fragile global economy, Ukraine crisis and Covid-19 pandemic, now rampant in Hong Kong, to hit such a target will be no mean feat.


US-China relations

National People's Congress (NPC)

Two Sessions 2022 (Lianghui)

Expresses the views, ideas and conclusions of the author. (Eg. Enough of Crazy Rich Asians, think of crazy poor Hongkongers.)


Column

Editorial

Editorial | Challenging year lies ahead as Li Keqiang signs off seeking 5.5 per cent growth

Amid a fragile global economy, Ukraine crisis and Covid-19 pandemic, now rampant in Hong Kong, to hit such a target will be no mean feat