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

BANGKOK — Chinese shares rose Thursday as investors appeared to welcome Beijing’s choice of an industry veteran to head its securities watchdog, in its latest effort to boost confidence in ailing markets. Investors registered their enthusiasm in online comments, with some saying they expected Wu, whose full name is a homophone for characters meaning “ruthless” in Chinese, to live up to his nickname of “Broker Butcher.” Markets in Shanghai and Shenzhen have languished, partly because of heavy selling of property shares following a crackdown on excessive borrowing by developers as defaults among dozens of developers undermined confidence in the government’s efforts to revive the economy following the pandemic. China’s leaders may be hoping to turn a new page: markets are due to be closed for a week beginning Friday for the Lunar New Year holiday, allowing the dust to settle. In a New Year’s address on Thursday, President Xi Jinping urged fellow leaders to “effectively strengthen economic vitality, prevent and resolve risks, improve social expectations, consolidate and enhance the upward trend of economic recovery, continue to improve people’s well-being, and maintain harmony and stability in the overall social situation.” Economists say that restoring strong and sustained growth will hinge on reforms needed to make China less reliant on investments in construction and export manufacturing.