Sun Zhengcai, the youngest member of the Chinese Communist Party’s new Politburo, was appointed party boss of Chongqing, the southern Chinese municipality led by Bo Xilai until his ouster over a murder scandal.
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.
Xi Jinping replaced Hu Jintao as head of the Chinese Communist Party and the nation’s military, ushering in the fifth generation of leaders who are set to take control of the world’s second-biggest economy.
China’s stocks fell, dragging the benchmark index to a seven-week low, as the ruling party named a new generation of leaders to oversee an economy that is forecast to grow this year at the slowest pace in more than a decade.
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.