China names a new stock regulator and reports new developer financing in a bid to soothe markets

Shares have risen in China after Beijing ousted its top stock market regulator and announced more funding for hard-strapped property developers. Investors appeared to give a warm welcome to Wu Qing. The industry veteran has a reputation for being tough on market misbehavior. He was named chairman and Communist Party chief of the China Securities Regulatory Commission on Thursday. State media also reported that banks were extending nearly $2.5 billion in loans to 83 real estate projects chosen for support as part of measures to rescue the ailing property sector. Defaults among dozens of developers have undermined confidence in the government's efforts to revive the economy following the pandemic.