Alexa
  • Directory of Taiwan

Shanghai announces businessman and stock market expert as vice mayors

Shanghai announces businessman and stock market expert as vice mayors

China's financial capital Shanghai, emerging from a corruption scandal that claimed the city's communist boss, announced the appointment Thursday of a stock market expert and a business boss as vice mayors.
Tu Guangshao, vice chairman of China's stock market regulator who has a masters in economics, and Ai Baojun, chief executive of China's biggest steel producer Shanghai Baosteel Group, were appointed vice mayors of Shanghai, according to the official Xinhua News Agency.
China's new crop of leaders is starting to include businessmen and lawyers, as opposed to an earlier generation who were mostly engineers. For example, rising political star Li Keqiang, who was elevated at the Communist Party's recent Congress, which is held once every five years, studied law.
The appointments come as Shanghai's former top leader, Chen Liangyu, awaits trial for allegedly misusing the city's pension funds. Chen has already been expelled from the Communist Party's powerful Politburo.
The scandal has embroiled at least a dozen high-level businessmen and former senior government officials. It has focused mainly on alleged illicit use of city pension and housing funds in potentially high risk real estate and toll road investments, according to state media reports.


Updated : 2021-08-04 02:57 GMT+08:00