China in March unveiled its latest five-year plan at the 14th National Party Congress, the first since President Xi Jinping started an unprecedented third term at the helm of the world’s second largest economy.
While Mr. Xi’s staying power may have been the session’s biggest news, it was also long-expected. Perhaps a more significant headline for those watching China’s economic trajectory was the installation of Li Qiang as premier.
The premier is traditionally tasked with shepherding the country’s economy to ensure it meets ambitious growth goals while serving the objectives of the Chinese Communist Party.
Thought to be a pro-business leader from his roles in entrepreneurially savvy locales like Zhejiang, Jiangsu and Shanghai, Mr. Li takes up the role at a time of unprecedented complexity for a country facing geopolitical and internal pressures, including a shrinking population that threatens to make the country old before it gets rich.
In a speech, the new premier outlined how the country is balancing its heavy support of state-owned companies with the private-sector dynamism needed to support the jobs China must generate to continue an economic ascent sparked by the embrace of free enterprise in 1979.
Renowned Georgia State University marketing scholar Tamer Cavusgil joined colleague Ying Zhu from the University of South Australia’s Centre for Asian Business to discuss the implications of Mr. Li’s speech for China — and for companies that see their future enmeshed with the country’s growth plans.
Along with Dr. Zhu, Dr. Cavusgil, — Regents’ Professor, Fuller E. Callaway Professorial Chair and Executive Director at the CIBER within the J. Mack Robinson College of Business — summarizes the premier’s views on issues like social development for China’s 500 million rural residents, tackling local government debt, job creation for the country’s 76 million college graduates, foreign trade and infrastructure development in regions like Southeast Asia and Africa, and much more.
The article appeared in the Rutgers Business Review’s Spring 2023 issue and can be accessed here or in the embedded copy below:
rbr-080105Learn more about Dr. Tamer Cavusgil here.
Georgia State University CIBER is an annual advertising partner with Global Atlanta and has sponsored multiple reports the publication has undertaken on emerging markets around the world.
GSU-CIBER is the presenting sponsor of Global Atlanta's Education Channel. Subscribe here for monthly Education newsletters.
The Pendleton Group is the presenting sponsor of Global Atlanta's Economic Development Channel. Subscribe here for monthly Economic Development newsletters.