China‘s ruling Communist Party unveiled its new leadership line-up on Thursday to steer the world’s second-largest economy for the next five years, with Vice President Xi Jinping taking over from outgoing President Hu Jintao as party chief.

Xi was also named head of the party’s Central Military Commission, state news agency Xinhua said.

The other new members of the Politburo Standing Committee – the innermost circle of power in China‘s authoritarian government – include premier-in-waiting Li Keqiang and financial guru Wang Qishan, who will be in charge of fighting corruption.

The number of members has been reduced to seven from nine, as expected, which should help ease consensus-building as they tackle everything from growing social unrest to uncertainty in the domestic and global economy.

Read Here – Reuters