FXstreet.com (Barcelona) - Xi Jingping has been named new general secretary of the Chinese Communist Party. He will replace Hu Jintao and will lead the new Politburo Standing Committee, consisting of seven members.

59 year-old Xi Jingping will take over the power from outgoing Hu Jintao in March next year. This event will mark the transition from the Fourth to the Fifth generation of leaders. The Politburo Standing Committee under his leadership will consist of seven members instead of nine. The members, which were also elected during the 18th Party Congress are Zhang Deijang, Liu Yunshan, Zhang Gaoli, Yu Zhengsheng, Wang Qishan and Li Keqiang.

In his firts appearance after the election the new general secretary told reporters that the party under his leadership would focus on such urgent problems as fighting corruption and excessive bureacracy. He assured that their aim would be to ensure a better life for the Chinese people and to create a stronger and more powerful China.