Stabilising China's stock market seen as major test for Xi

Hong Kong

FOR Chinese President Xi Jinping, mission No 1 has been preserving Communist Party rule. That now means stabilising the stock market.

Mr Xi's government rushed out an unprecedented series of measures in recent days to halt a sell-off that wiped out US$3.2 trillion in market value in three weeks. Expect more stimulus efforts as the leadership under Mr Xi seeks to keep the collapse from devouring the savings of tens of millions of Chinese investors - a constituency larger than the ruling party - and from potentially setting off social unrest.