Chinese stocks in Hong Kong and New York dropped on the first trading day after Chinese President Xi Jinping cemented his firm grip on power with a new core leadership team filled with his loyalists. Li Qiang, Li Xi, and Cai Qi all enter the [Politburo standing committee] after heading up rich provinces where economic growth is still the top priority. Analysts said some might worry about the new group of leaders’ lack of checks, and the risk of policy mistakes that shock the economy. But they added the group’s more effective policy execution could lead to a more effective overall policy execution. China’s renewed pursuit of common prosperity contributed to Beijing’s recent crackdown on internet tech giants. Chinese officials have signaled that the crackdown is nearing an end . . .
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