Li Qiang, Xi Jinping's top confidant, takes reins as China's premier

China's newly-elected Premier Li Qiang prepares to take an oath after being elected during the fourth plenary session of the National People's Congress at the Great Hall of the People in Beijing on Saturday, March 11, 2023. - AFP

BEIJING, March 11 (Reuters): Four years before Li Qiang gained notoriety as the force behind the two-month Covid-19 lockdown of Shanghai, the man who became China's premier on Saturday worked quietly behind the scenes to drive a bold revamp of the megacity's sclerotic stock market.

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 Jinping.