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New man holding China's purse
BEIJING, China -- The Chinese Communist Party's third-ranking member has been appointed its next premier, assuming control of a huge, rapidly-evolving economy. Sunday's vote will see Wen Jiabao, 60, replace Zhu Rongji, who will retire. Wen will assume control of an economy that has recorded staggering growth, but one wracked with myriad problems brought on by decades of reform. Wen, 60, was confirmed as successor to the highly respected Zhu by the National People's Congress, China's ceremonial legislature, as it wound down its annual two-week session. (Wen's plan) Hu Jintao was on Saturday elected president of China by the National People's Congress, completing the country's transition to a younger generation of leadership. Hu's election on Saturday as president of a fast-changing China was immediately followed by the election to the country's top military post of outgoing president, Jiang Zemin. Jiang, 76, steps down after serving the maximum of two five-year terms. ChallengeWen, a former geologist whose smarts and loyalty helped him rise to the highest ranks of power, has his work cut out in managing China's myriad financial and social challenges. Beneath China's rosy growth figures lie a host of problems that, if mishandled, could derail the economy and throw the 1.3 billion people of the world's most populous country into turmoil. A huge mountain of bad loans threatens to smother banks and halt their march to become modern financial houses. Sickly state industries are shedding millions of workers, but many are unable to pay out pensions and unemployment packages. This has already sparked mass protests, especially in the "rust belt" northeast, home to many of those ailing factories. In the countryside, tens of millions of unhappy farmers are watching their incomes stagnate and are falling farther behind the booming cities. Power-baseWhile it is Hu assuming leadership of the country, it is Jiang, president since 1993, who will still wield considerable power as he holds sway over military and foreign affairs matters. Hu, 60, who was vice president, claimed the top post four months after ascending to the pinnacle of China's ruling Communist Party. Delegates voted 2,937-4 to elevate Hu -- a vote largely considered to be a party rubber stamp. There were three abstentions. (Hu profile)
Hu and Jiang shook hands as the outgoing leader grinned. The two exchanged a quiet comment as delegates applauded, The Associated Press reported. The National People's Congress re-elected Jiang as chairman of the Central Military Commission overwhelmingly with 2,726 votes in favour, 98 against and 122 abstentions, reported Reuters news agency. Legislators also elected Wu Bangguo, 61, Hu's top deputy in the Communist Party hierarchy, as chairman of the People's Congress, replacing Premier Li Peng. Despite surrending the nation's top post, Jiang has stayed on as head of China's military. He was reappointed in November to head the Central Military Commission of the ruling Communist Party. The party has not given any indication yet when he might step down. On Saturday he kept another post atop the government's largely powerless equivalent military commission. The Associated Press & Reuters contributed to this report.
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