Editor's Note: The Chinese Election, if it can be called that, means that China will steer its Economy towards a more Internal consumption model rather than an export oriented one, which it is at present. This will have serious implications for the Global Economy because the world will no longer have access to cheap Chinese goods, especially in America. This may result in some type of retaliation by the Americans, which in the end will cause much hardship and pain for the whole world, and will hasten the demise of the US dollar as the world Reserve currency.
|A combination picture shows China's new Politburo Standing Committee members (from L to R), Xi Jinping, Li Keqiang, Zhang Dejiang, Yu Zhengsheng, Liu Yunshan, Wang Qishan and Zhang Gaoli |
Credit: REUTERS/Jason Lee
(Reuters) - 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.
"We're not going to see any political reform because too many people in the system see it as a slippery slope to extinction," said David Shambaugh, director of the China Policy Program at George Washington University's Elliott School of International Affairs.
Read on: China names conservative, older leadership | Reuters