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ATS Special Report
BEIJING (AP) — Long-anointed successor Xi Jinping assumes the leadership of China at a time when the ruling Communist Party is confronting slower economic growth, a public clamor to end corruption and demands for change that threaten its hold on power.
The country's political elite named Xi to the top party post on Thursday, and unexpectedly put him in charge of the military too, after a weeklong party congress and months of divisive bargaining.
The appointments give him broad authority, but not the luxury of time. After decades of juggernaut growth, China sits on the cusp of global pre-eminence as the second largest economy and newest power, but it also has urgent domestic troubles that could frustrate its rise.
Problems that have long festered — from the sputtering economy to friction with the U.S. and territorial spats with Japan and other neighbors — have worsened in recent months as the leadership focused on the power transfer. Impatience has grown among entrepreneurs, others in the new middle class and migrant workers — all wired by social media and conditioned by two decades of rising living standards to expect better government, if not democracy.
China will have a tough time ahead.
The CPC's reaffirmation of its commitment to reform and opening-up, to which all the country's incredible achievements in the past 30-plus years are attributable, is of far-reaching significance for ensuring future development and a stronger nation.
NY Times- Xi first speech after elected
“Inside the party, there are many problems that need be addressed, especially the problems among party members and officials of corruption and taking bribes, being out of touch with the people, undue emphasis on formalities and bureaucracy and other issues,” Mr. Xi said.
He also pledged to improve citizens’ lives, including offering “better schooling, more stable jobs, more satisfying incomes, more reliable social security, higher levels of health care, more comfortable housing conditions and a more beautiful environment,” so they can “look forward to their children growing up in better circumstances, finding better work and living in better conditions.”
“People’s striving for a better life is the goal we are struggling for,” he added.
This last bit. Before some start declaring WW-III will break out because of the latest hot air statements by some Chinese General remember, Most, if not all, will be rhetoric aimed towards their internal audiences to maintain a nationalistic unity. For those here who are not familiar with the tactic. If you keep the populous fearful they tend to stay united..
Sounds familiar eh?
China will have a tough time ahead. With rising inflation, slowing economic growth, social and political opposition. The crevasse between the Haves and the Have nots is much larger than in Western countries and continues to grow as the new Chinese middle and upper classes move forward while the rest flounder in the backwash of development which is a historically classic recipe for massive internal strife which appear to be on the rise.
The primary reason I voted for Obama was my perception that he would be more effective in foreign policy, particularly in building on relations with China.
My primary concern would be the (possible) Chinese Economic Reform, the globe is already teetering on the brink of another global recession, dare I saw depression and If Chinese economic policy differ significantly, it may push us over the edge. I have a feeling that Xi Jinping will want to play hard ball when it comes to China's economic role, but the country in itself is displaying signs of a rotten economic foundation. Will have to watch and see.
“Funds are flowing back into the market as people bet China will soon act more aggressively to revive growth,” said Kenix Lai, a Hong Kong-based foreign-exchange analyst at Bank of East Asia Ltd. “There’s always expectations that the government will announce important polices before or at the end of a long holiday. The stock market is also rallying on stimulus bets.”
from yahoo news
China's ruling Communist Party unveiled an older, conservative leadership line-up on Thursday that appears unlikely to take the drastic action needed to tackle pressing issues like social unrest, environmental degradation and corruption.
New party chief Xi Jinping, premier-in-waiting Li Keqiang and vice-premier in charge of economic affairs Wang Qishan, all named as expected to the elite decision-making Politburo Standing Committee, are considered cautious reformers. The other four members have the reputation of being conservative.
The line-up belied any hopes that Xi would usher in a leadership that would take bold steps to deal with slowing growth in the world's second-biggest economy, or begin to ease the Communist Party's iron grip on the most populous nation.