Beijing ? The Chinese Communist Party announced Saturday that it had chosen an economic reformer and rising star to oversee Shanghai, replacing an official who was ousted in a corruption scandal.

The promotion of Xi Jinping to Shanghai party secretary was revealed in a one-sentence statement on the official New China News Service. It gave no details on when Xi was named, although rumors of the move have been circulating in recent days. Xi most recently served as party secretary for the booming province of Zhejiang south of Shanghai.

The appointment should help stabilize Shanghai politically and help it get back to business. Xi’s predecessor Chen Liangyu was fired last fall over charges that he allowed cronies to improperly use proceeds from government social security funds for highway, real estate and other speculative investments.

Xi, 53, is a member of the party’s elite Central Committee.