Li was China’s No. 2 leader from 2013-23 and an advocate for private business but was left with little authority after President Xi Jinping made himself the most powerful Chinese leader and tightened control over the economy and society. The English-speaking, elite Peking University-educated economist was considered a contender to succeed then-Communist Party leader Hu Jintao in 2013 but was passed over in favor of Xi.
In his initial years, he was seen as a supporter of a more liberal market economy but had to bend to Xi's preference for more state control. During his tenure, Li had the vision to improve conditions for entrepreneurs who generate jobs and wealth. However, the ruling party under Xi increased the dominance of state industry and tightened control over tech and other industries.
Meanwhile, foreign companies said they felt unwelcome after Xi and other leaders called for economic self-reliance, expanded an anti-spying law and raided offices of consulting firms. Li was dropped from the Standing Committee at a party congress in October 2022 despite being two years below the informal retirement age of 70. The same day, Xi awarded himself a third five-year term as party leader, discarding a tradition under which his predecessors stepped down after 10 years.
Xi filled the top party ranks with loyalists, ending the era of consensus leadership and possibly making himself leader for life. The No. 2 slot was filled by Li Qiang, the party secretary for Shanghai, who lacked Li Keqiang’s national-level experience and later told reporters that his job was to do whatever Xi decided.
Read more on livemint.com