Xi Jinping bets on competence of Li Qiang as China new Premier

A former Communist Party leader of Shanghai known for implementing a brutal Covid lockdown in the business hub was officially designated China's new premier on Saturday. Li Qiang was nominated by President Xi Jinping and appointed to the position with no dissenting voices at Saturday morning's session of the National People's Congress, China's ceremonial parliament. Mr Li is best known for having enforced a "Zero-Covid" lockdown in Shanghai last year as party boss of the Chinese financial hub, proving his loyalty to Mr Xi in the face of complaints from residents over their lack of access to food, medical care and basic services. A career bureaucrat, he was revealed as the pick for China's number two role in October when Mr Xi unveiled a leadership line-up stacked with loyalists. Mr Li is likely to be much more powerful than his predecessor, according to Trey McArver, co-founder of consultancy Trivium China. Mr Li's back-channelling - sources said he bypassed the China Securities Regulatory Commission, which lost some of its power under the new set-up - demonstrated what became a reputation for pragmatism as well as close ties with President Xi, Reuters reported. In late 2018, Mr Xi himself announced Shanghai's new tech-focused STAR Market as well as the pilot of a registration-based IPO system, reforms meant to entice China's hottest young firms to list locally rather than overseas.