China stocks close higher as party congress wraps up

<p>China’s stocks have closed higher as the Communist Party Conference closes in Beijing.</p>

China's main stock benchmarks have made gains in trading today (November 14th) as the country's Communist Party concludes its week-long congress a day before unveiling its new leaders.

Some 2,200 delegates met to select a new Central Committee at the event, which was held in the Great Hall of the People in Beijing, the BBC reports.

Outgoing president Hu Jintao told the Xinhua news agency that the summit has "replaced older leaders with younger ones" and made decisions of "far-reaching historical significance".

Xi Jinping and Li Kequiang are anticipated to become party leader and deputy, while Mr Xi is anticipated to take over from Mr Hu in March of next year.

Tomorrow, the Central Committee will meet again and elect a new Politburo and Politburo Standing Committee, while a decision will also be made with regard to whether Mr Hu will keep control of the army or hand over this power to Mr Xi.

At 10:20 GMT today, the Shanghai SSE Composite closed higher by 0.3 per cent to an index value of 2055.4 points, while the Hong Kong Hang Seng was up 1.2 per cent to 21441.9 points.

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