China Picks New Party Chief for Citic Group

What’s new: Xi Guohua has been appointed the new Communist Party committee chief of Citic Group Corp., the state-owned financial conglomerate said Wednesday.

Xi has taken over the role from Zhu Hexin, who became the new party group chief at the State Administration of Foreign Exchange last month.

Xi’s appointment puts him on track to become chairman of Citic Group, whose total assets exceeded 10 trillion yuan ($1.5 trillion) last year.