China International Capital Corp.’s chief economist Ha Jiming is leaving the Beijing-based investment bank to join Goldman Sachs Group Inc.’s investment banking division, the Wall Street Journal reported, citing people familiar with the situation.
Chinese President Xi Jinping said the nation needs to adapt to a “new normal” in the pace of economic growth and remain “cool-minded” amid a slowdown that analysts forecast will lead to the weakest expansion since 1990.
China’s stocks rose the most in three months after new lending and money supply exceeded estimates in December, boosting speculation the government is relaxing monetary policies to bolster economic growth.
Asian stocks reversed losses as shares of Chinese lenders and developers rallied after China’s new lending and money supply increased. Exporters dropped after a Federal Reserve official said the central bank probably won’t begin a new round of bond purchases.
Chinese Premier Li Keqiang pledged to open the economy to more market forces and strip power from the government to achieve 7.5 percent annual growth through 2020 and spread the benefits of the nation’s expansion.