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China installs Cabinet of party veterans, technocrats to overhaul economy, boost global role

China's new leaders have installed a Cabinet of veteran politicians and technocrats with international experience to overhaul its slowing economy and pursue a high-profile global role.

The country's ceremonial legislature on Saturday confirmed the appointments of new ministers of finance, commerce and foreign affairs. The central bank governor was reappointed in a possible move to reassure financial markets about stability of monetary policy under Communist Party leaders who took power in November.

The new economic team takes office as Beijing is trying to sustain an economic rebound while shifting the basis of growth from exports and investment to domestic consumption and technology.