Tuesday, February 27, 2024
HomeBusinessHow He Lifeng's Background...

How He Lifeng’s Background in Free Markets Shapes His New Role Overseeing China’s Economy

In 1984, He Lifeng began his career as a municipal worker in Xiamen, a coastal city that had just started embracing free markets. With his two degrees in government finance and Communist Party membership, He was well-placed to play a key role in China’s experiment with capitalism.

Over the next two decades, He became a senior party official and top local leader, overseeing the rise of small and medium-sized businesses in Xiamen, which became a model for rapid economic growth in China.

Now, at 68 years old, He has been appointed as a vice premier in charge of overseeing China’s economy, at a time when growth is slowing and Beijing is relying more heavily on state-owned enterprises and party supervision.

The big question is which He will emerge as vice premier – the one who champions free markets and entrepreneurship, or the one who favors state-led initiatives and works closely with state-owned enterprises?

Despite his recent experience as a taciturn Communist Party boss, four people who know He personally have said that he was influenced by his work in Xiamen and appreciates the power of free markets in fostering economic growth.

China’s new premier, Li Qiang, has also promised to treat private companies equally with state-owned enterprises, indicating that China wants to revive entrepreneurship.

While He may be focused on immediate goals and short-term initiatives that align with the wishes of Xi Jinping, China’s top leader, there is hope among economists that he will also consider the medium-term issues and the importance of fostering entrepreneurship and free markets in China’s long-term economic growth.

Follow us on Twitter. Send us a secure tip

- A word from our sponsors -

Most Popular

More from Author

Microsoft’s Strategic Acquisition of OpenAI’s Sam Altman Sends Stocks Soaring to Record High

Microsoft, a leading tech giant, has propelled its stocks to unprecedented...

Dating Services Industry to Hit 600 Million Users, $8B in Revenue Next Year

The dating services industry has seen impressive growth over the past...

Citi Launches Securities Lending Access™ In Sweden

LONDON – Citi Securities Services announced Nordnet AB (Nordnet), the leading...

- A word from our sponsors -

Bridging Cultures, Building Futures: The Kiige and Emmanuel Initiative for Immigrant Empowerment in Canada

In the heart of Canada's multicultural landscape, Duncan Kiige and Emmanuel, both celebrated public speakers with immigrant backgrounds, have become symbols of hope and transformation for new immigrants. Their recent conference on career and personal development marked a significant milestone in their mission to empower newcomers with...

UGANDAN FIRST LADY AMAZED BY HAMZ NAKIVUBO STADIUM DEVELOPMENT WORKS BY HAMIS KIGGUNDU.

The NRM government is very proud to see the example of our young people begin to build Uganda by putting up projects such as this one. We congratulate Ham Kiggundu for this excellent jobKAMPALA UGANDA| As sports lovers countdown to 2027 when the Nakivubo-based Hamz Stadium will...

Raila’s search for a post with the AU Commission could be a suitable trapdoor or departure.

In Kenyan politics, Raila Odinga has long been a mystery. His international performance? Even when the African Union designated him, he remained debatable.But he said on Thursday that he would run for the position of Chairperson of the African Union Commission. One diplomat tampered with his first...

Court Finds Jowie Irungu Guilty of Monica Kimani’s Murder

In a landmark ruling, Justice Grace Nzioka declared Jowie Irungu guilty of the murder of Monica Kimani. According to Justice Nzioka, the evidence presented convincingly establishes Jowie's culpability in the crime beyond a reasonable doubt.Highlighting the sequence of events, Justice Nzioka outlined how Jowie, armed with a...

KUPPET Questions Government Directive For Parents To Pay Schools Fees E-Citizen Platform

KUPPET opposes the Government directive for parents to use eCitizen platform to pay school fees calls for clear public participation, legislation and policy framework.KUPPET national officials have opposed the move by Government to force parents to use eCitizen platform to pay school fees saying it will be difficult for...

List of best Audiology Services in Nairobi, Kenya

List of best Audiology Services in Nairobi, Kenya. The word audiology is made up of two roots: Audio and Logy. ‘Audio’ refers to ‘hear’ and ‘logy’ to ‘the study of’. In essence, audiology is the study of hearing - as the inner ear is also required...