In his first address, China's new premier says high quality growth is a priority

cnbc.com:

BEIJING — China's new premier Li Qiang said Monday that policymakers would focus on the quality of growth — especially on ordinary people's need for housing, income, education and health care.

His comments reflected how Beijing is still focused on priorities other than growth itself.

Li said China's focus was shifting to what it calls high-quality development, such as building up tech and so-called green industries.

In terms of macro policy, he said leaders would focus on stability, boosting domestic and external demand, tech innovation and diffusing risks.

He said China's growth target of around 5% won't be easy to achieve. But he said policymakers would push for growth, and claimed non-state-owned enterprises would have greater room for development.

Li was named China's new premier on Sunday, in a widely expected move. He is a known protege of Chinese President Xi Jinping and never served as vice premier — his appointment breaks with precedent.

On Friday, Xi gained an unprecedented third term as president, further consolidating his power.

Xi was widely expected to retain the role in this month's largely ceremonial parliamentary meeting, known as the «Two Sessions.» The annual gathering marks the meetings of an advisory group and a legislature, the National People's Congress.

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In other leadership changes announced over the weekend, He Lifeng was among four people named vice premier. He formerly led the National Development and Reform Commission, China's economic planning