Chinese defence minister under investigation for corrupt procurement 

Market Impact

The moves have raised questions from some observers and diplomats about the abrupt changes in China’s leadership at a time when its economy is struggling to recover from strict pandemic closures and its relations with the United States have further soured over a range of issues. Both Li and Qin were seen by observers of Chinese politics as handpicked by President Xi Jinping, making their absence after less than a year on the job particularly notable. The two men had prominent public-facing roles and also serve among China’s five state councillors, a post outranking a regular minister.