The Wall Street Journal (the site is gated) have a useful summary piece on the new leadership group appointed by re-installed President Xi:
- The changing of the guard in China will likely alter how Beijing interacts with the rest of the world, especially the West.
- Gone from the new leadership are the pro-market pragmatists who for decades helped pilot the country’s integration into the global economy.
- Officials who combined political standing with technocratic skills, a mix that gave them global market credibility, are no longer in the upper echelons of the party
- The generational change in the makeup of China’s mandarins reflects how Mr. Xi’s emphasis on ideological purity, national security and party control has prevailed over the kind of pragmatism that had been a hallmark of China’s policy for decades.
I posted earlier on the huge shunt lower for Chinese stocks on Monday:
The Journal adds:
- On Monday, stocks in mainland China and Hong Kong fell as investors voted with their feet in reaction to the new leadership lineup
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If you can access the Journal the article is really worth reading.
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Hong Kong’s Hang Seng:
