Investor fears about Xi's new leadership team 'may be misguided'
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...