China’s Rising Economic Stars Confront Old Challenges

China’s economy and markets face their own long march. Unfortunately, the prospect of a new financial team does little to alter the underlying travails of an economy — once a mainstay of the global expansion — that lately resembles a sinker.

The $17 trillion giant, second only to the US, is likely to be put under fresh management. People’s Bank of China Governor Yi Gang, Vice Premier Liu He and banking regulator Guo Shuqing exited the Communist Party's leadership group following the party congress. Guo is also party secretary at the PBOC. Two younger officials who earned party promotions, Yin Yong, a former PBOC deputy governor and current vice party chief in Beijing, and Yi Huiman, head of the securities regulator, are considered contenders to lead the central bank. (In theory, the incumbents could hold onto their jobs, though without party standing their roles would be significantly diminished.)