As was widely expected, the Honorable Xi Jinping has been elected as the Party Chairman in China, taking also the post of President as well as Military Command. Until he takes over in March of next year, there will be a tandem leadership.
Son of a close comrade of Chairman Mao, the young Xi at age sixteen was chastised and sent to work among the farmers. He returned after seven years from this banishment, a princeling back to the fold, and now like the Prodigal Son, has earned the honour to hold the top posts in his Committee, the new leader of China.
Premier Hu Jintao, at the closing session of the 18th Party Convention in the Great Peoples' Hall, said that he trusts the leadership will continue with further democratisation and innovation. The theme of a growing common prosperity for the people will be expected to continue, with policies in line to achieve those noble aims.
China has huge reserves of foreign currencies, and their participation in the world markets will continue. The strength of the Yuan is an indication that there is solid support for their currency.
The 'soft landing' economic scenario can continue, with crowd-pleasing measures in the housing market as well as sustaining manufacturing through credit-availability and investment performance, resulting in improving standards of living.
Xi Jinping, whose wife is a reknowned opera singer, can be expected to bring his unique flair to the leadership of his people. Just like the very popular Hu Jintao, Chairman Xi's appointment augers well for the continuation of the world economic Recovery.