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Li Qiang, likely to become the next premier, is pictured here speaking at a major annual financial conference in Shanghai in 2020. Bloomberg | Bloomberg | Getty Images BEIJING — Chinese stocks' plunge on Monday over fears about China's new leadership team "may be misguided," consulting firm Teneo said. Chinese stocks in Hong Kong and New York, especially internet tech giants such as Alibaba , 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. Over the last several years, Xi has shown a preference for greater state involvement in the economy. "Close relationships with Xi notwithstanding, 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," Teneo Managing Director Gabriel Wildau and a team said in a note. Xi's leadership team The Politburo standing...

National tourism revenue for the long weekend ended Monday reached 28.68 billion yuan ($4.16 billion), only 60.6% of pre-pandemic levels in 2019, according to China's Ministry of Culture and Tourism. Pictured here are visitors to the Nantong Intercontinental Green Expo Park in Jiangsu province on Sept. 11, 2022. Vcg | Visual China Group | Getty Images BEIJING — China's tourism sector ended yet another public holiday with revenue well below what it was before the pandemic hit. National tourism revenue for the three-day Mid-Autumn Festival reached 28.68 billion yuan ($4.16 billion) — just 60.6% of the 2019 pre-pandemic levels, the Ministry of Culture and Tourism said late Monday. The figure also marked a 22.8% decline from last year. Tourist trips of 73.4 million were nearly 17% below last year's figure, and had only recovered to 72.6% of 2019 levels, the ministry said. The tourism figures dropped more than they did during the last public holiday in early June, pointed out ...