China Merchants Bank Co. party secretary Ma Weihua resigned after nearly 15 years in charge of the nation’s sixth-largest lender, as management changes in the financial industry follow a once-a-decade leadership transition.
Vice Premier Wang Qishan, China’s counterpart to U.S. Treasury Secretary Timothy Geithner, was named to the Communist Party’s discipline body as part of a once-a-decade leadership transition, indicating he won’t have a post directly overseeing the economy in the new government.
Liu He was appointed as a vice chairman of China’s top economic-planning agency, a sign that President Xi Jinping’s government may be preparing to quicken market-driven policy changes to sustain growth.
China’s placement of a North Korean- educated economist and an exemplar of debt-fueled infrastructure on its ruling body may add to challenges for Communist Party leader Xi Jinping as he seeks to deepen the nation’s development.
China’s stocks fell, dragging the CSI 300 Index to the lowest level since 2009, on concern the nation’s new leadership won’t accelerate economic reforms including reducing the dominance of state-owned enterprises.
China filled out Premier Li Keqiang’s economic team, installing sovereign-wealth head Lou Jiwei as finance minister and retaining Zhou Xiaochuan as central bank chief as a once-a-decade power handover concluded.