Xi Jinping takes over as China's President - Economic Times

BEIJING: Xi Jinping was today named as China's new president and head of the military succeeding Hu Jintao, completing a generational transition of power in the world's most populous country. China's parliament formally elected Xi, 59, as president, four months after he took charge of the Communist Party. Besides being the General Secretary of the Communist Party of China (CPC), which effectively rules the country, Xi has been appointed as the Chairman of the Powerful Military Commission, when he was elected as the new leader of the party in November Last. According to an official announcement here, Xi was elected as President by 3000-strong National People's Congress, which also endorsed his appointment as the Chairman of the Military Commission. The Military Commission supervises 2.3 million-strong and the world's largest standing army called People's Liberation Army (PLA), incorporating Army, Navy and Air Force. His election a formality as the NPC, dominated by the CPC functionaries completed the once-in-a-decade power transfer from the administration headed by Hu, 70, who along with team of leaders including Premier Wen Jiabao formally retires. With today's election Xi has emerged as the most powerful leader in China as heads the country, CPC and the Military. Also the NPC today elected Li Yuanchao, a reformist and Politburo member of the CPC, as Vice President. Yi who was reportedly picked by Xi ignoring pressures within the factions to energise the economic reform process to revitalise slowing economy. Widely regarded as smooth tra nsfer of power, Xi along with seven member Standing Committee of the CPC which virtually rules the country completed over 100 days in the leadership running various public campaigns against corruption, austerity both in the government and military and revamping the administration by cutting down size of cabinet. Ahead of key CPC conference in November to elect Xi and his fellow leaders, the party suffered a major jolt when hard-line faction leader, Bo Xilai trying to resurrect old Mao Zedong ideology was sacked and later arrested on various charges including corruption. Download ET's mobile applications for iPad, iPhone, Android, BlackBerry, Nokia and Windows Phone to track news as it happens, live stock quotes, monitor portfolio, get market stats like gainers, losers and movers & much more. To check out free Economic Times apps , Click here Xi Jinping was named as China's new president and head of the military succeeding Hu Jintao, completing a generational transition of power. via Top Stories - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNHTaC03g5e6qXVpbmFXz0LHcY85pA&url=http://economictimes.indiatimes.com/news/news-by-industry/et-cetera/xi-jinping-takes-over-as-chinas-president/articleshow/18965572.cms

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