A U.S.-trained economist was appointed Monday to succeed the longtime governor of China’s central bank, Zhou Xiaochuan, at a time when the ruling Communist Party is trying to reduce financial risks and surging debt.
Recent history offers sobering lessons to China’s Communist Party as the country’s rubber-stamp parliament votes to allow President Xi Jinping to stay in power indefinitely.
China’s stock market benchmark plunged 5.5 percent on Friday and other Asian markets were off sharply after the Dow Jones industrials on Wall Street plummeted more than 1,000 points, deepening a week-long sell-off.
Chinese authorities are struggling to quell protests following the collapse of an investment scheme police say took as much as $4.7 billion from millions of depositors.
China has the economic tools to pressure North Korea but fears pushing Kim Jong Un’s government so hard it collapses.