Xi Xi JinpingJinping assumes Chinas assumes Chinas leadership,leadership,faced with economic slowdown,public faced with economic slowdown,public demands for reformdemands for reformBy Associated Press,By Associated Press,Nov 16,2012 03:58 AM ESTNov 16,2012 03:58 AM ESTThe appointments give him broad authority,but The appointments give him broad authority,but not the luxury of time.After decades of not the luxury of time.After decades of juggernautjuggernaut growth,China sits on the growth,China sits on the cuspcusp of of global pre-eminence as the second largest global pre-eminence as the second largest economy and newest power,but it also has economy and newest power,but it also has urgent domestic troubles that could frustrate urgent domestic troubles that could frustrate its rise.its rise.Problems that have long Problems that have long festeredfestered from the from the sputteringsputtering economy to friction with the U.S.economy to friction with the U.S.and territorial and territorial spatsspats with Japan and other with Japan and other neighbors have worsened in recent months as neighbors have worsened in recent months as the leadership focused on the power transfer.the leadership focused on the power transfer.Impatience has grown among entrepreneurs,Impatience has grown among entrepreneurs,others in the new middle class and migrant others in the new middle class and migrant workers all workers all wiredwired by social media and by social media and conditioned by two decades of rising living conditioned by two decades of rising living standards to expect better government,if not standards to expect better government,if not democracy.democracy.in the world and the party continues to rule.in the world and the party continues to rule.“Our responsibility now is to Our responsibility now is to rallyrally and lead and lead the entire party and the people of all ethnic the entire party and the people of all ethnic groups in China in taking over the historic groups in China in taking over the historic batonbaton and in making continued efforts to and in making continued efforts to achieve the great renewal of the Chinese achieve the great renewal of the Chinese nation,nation,”a confident Xi said in nationally”a confident Xi said in nationally televised remarks in the Great Hall of the televised remarks in the Great Hall of the People.People.He later said“we are not He later said“we are not complacentcomplacent,and we,and we will never rest on our laurels”in will never rest on our laurels”in confronting challenges corruption chief confronting challenges corruption chief among them.among them.By his side stood the six other newly By his side stood the six other newly appointed members of the appointed members of the PolitburoPolitburo Standing Standing Committee:Li Committee:Li KeqiangKeqiang,the presumptive premier,the presumptive premier and chief economic official;Vice Premier and chief economic official;Vice Premier Zhang Zhang DejiangDejiang;Shanghai party secretary Yu;Shanghai party secretary Yu ZhengshengZhengsheng;propaganda chief Liu;propaganda chief Liu YunshanYunshan;Tianjin party secretary Zhang Tianjin party secretary Zhang GaoliGaoli;and Vice;and Vice Premier Wang Premier Wang QishanQishan,once the leaderships,once the leaderships top troubleshooter who will head the partys top troubleshooter who will head the partys internal watchdog panel.internal watchdog panel.of millions of rural migrants into cities.of millions of rural migrants into cities.With state banks preferring to lend to With state banks preferring to lend to state-run companies or not at all,state-run companies or not at all,private entrepreneurs have had to turn private entrepreneurs have had to turn to unofficial money-lenders.to unofficial money-lenders.“The bank just asked me to wait,”said The bank just asked me to wait,”said Deng Mingxin,who runs a zipper factory Deng Mingxin,who runs a zipper factory with 10 employees in Jiangsu province.with 10 employees in Jiangsu province.“Maybe its because I didnt offer“Maybe its because I didnt offer enough red envelopes”a enough red envelopes”a reference to bribes.reference to bribes.The World Bank warns that without quick The World Bank warns that without quick action,growth that fell to a three-year action,growth that fell to a three-year low of 7.4 percent in the latest quarter low of 7.4 percent in the latest quarter may fall to 5 percent by 2015 a low may fall to 5 percent by 2015 a low rate forrate forA new generation of leaders unveiledA new generation of leaders unveiled.are not complacent,and we will never are not complacent,and we will never rest on our laurels.rest on our laurels.These include,he said,corruption,These include,he said,corruption,losing touch with the peoples concerns,losing touch with the peoples concerns,being being sticklerssticklers for formalities,and a for formalities,and a bureaucratic approach adopted by some bureaucratic approach adopted by some Party officials.Party officials.University,said he was also impressed by University,said he was also impressed by the new leaders calmness and the new leaders calmness and common touchcommon touch.。