Vladimír Urbánek (Kurzy.cz)
Markets  |  November 15, 2012 11:46:14

The Chinese Communist party changed its leadership, Hu Jintao Xi Jinping alternates

The Chinese Communist Party at its annual congress changed and narrowed its senior management. Permanent or Central Committee also down-sized from 9 to 7 members. Secretary General of the party became Xi Jinping, who succeeded Hu Jintao. To a new seven-member committee had also Li Keqiang, who is alleged to have next year counts for prime minister, which was replaced by Wen Jiabao. Reducing the number of members of the Central Committee of the Party is seen as a signal of the efforts to strengthen the capacity of the Committee and by the whole Party and the country as a whole. Commentators on the move as positive signal efforts to increase responsiveness of the Chinese leadership and the efforts to increase signal integrity in the eyes of foreign countries. Among the most pressing problems named Xi bloated government bureaucracy and high levels of corruption.

Xi in his nomination speech that will promote political reform and strive for greater openness of the Chinese economy.

Under the leadership of Hu Jintao reviewed the Chinese yuan against the dollar by 33% and moves to the 19-year maximum. Equity markets for its governance declined most of all associations BRIC countries. Over the last year Shanghai Composite index fell by 19.3%.

The Chinese Communist Party has a total of 82 million members and leads the country since 1949.
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