Who will take on China’s biggest economic challenges? A guide to the power players

The Chinese leadership faces daunting tasks as the country emerges into a post-pandemic world
The impact of decisions in critical areas such as technology and local government debt will be felt around the world

China's economic recovery

Wendy Wuin Beijing

Published: 6:00pm, 30 Jan 2023

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As China reopens, it faces a rocky road to a sustainable recovery, with economic officials confronting the daunting tasks of reviving market confidence, propping up the real estate sector and countering a weak external market.

The market is closely watching how Beijing will react and which way growth will go not only in China, but throughout Asia and beyond as recession risks loom in the United States and the European Union.

The decisions will influence the national direction for the next five years, particularly the pursuit of “common prosperity” and technological self-reliance, the core tenets of Beijing’s 2035 modernisation drive.

To help readers monitor China’s key economic policies and events, the Post has added a new dimension – Economic deciders – to its flagship 20th Communist Party congress digital project.

The interactive infographic will keep track of changes in key economic personnel before and after the final line-up is unveiled at the annual session of the National People’s Congress in March.

With this new feature, readers will be able to see who will take charge of agriculture, the economy and finance, among other critical areas.

Changes in government at all levels are unfolding across the country, set in motion by the start of Xi Jinping’s record-breaking third term as paramount leader at the 20th party congress in October.

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Among those set to take on a new role is Li Qiang, who is expected to succeed Li Keqiang as premier for the next five years. The infographic will also present a full picture of the key positions and major economic policies of Li’s team.

The biggest tests for these power players will be to inject momentum into the coronavirus-ravaged economy, which last year registered the country’s second-worst level of growth in 46 years.

To ensure a resilient and sustainable recovery this year, China aims to consolidate its footing in the global supply chain, build up its technological prowess and grapple with the far-reaching consequences of an ageing and shrinking population.

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Readers will also be able to zoom in on the country’s major economic clusters, the backbones of the world’s second-largest economy.

Much of the future of these clusters depends on restoration of confidence – the loss of policy certainty has long been the biggest concern for international companies and the private sector.

Beijing also needs to guard against risks in the financial system, and rein in local government debt to cut the danger of default.

In addition, incoming officials will need to have a deft hand to tackle geopolitical complications, especially in the form of US hi-tech containment and decoupling pressure.