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18 March 2018, 01:20 | Bernice Figueroa
Get out the popcorn
Xi Jinping was today re-elected as President for a second five-year tenure by China's rubber-stamp parliament, days after it scrapped the two-term rule for the Presidency and allowed him to have a life-long tenure.
After the vote was announced in Beijing'sGreat Hall of the People, Wang bowed and then walked over to Xi to shake his hand.
The National People's Congress has widely expanded Xi's already considerable authority during its annual session, adding his name to the Constitution and lifting the two five-year term limit for the presidency and vice presidency.
"Wang managed the largest bankruptcy restructuring in China's history and prevented a banking crisis that could have crippled the country's growth", said Paulson, who later became the U.S. Treasury Secretary. Qishan, a close ally of Xi, was the head of China's anti-corruption department till 2017 and was instrumental in carrying out President Xi-mandated purges.
The votes cap months of Communist Party conclaves and pageantry that confirmed Xi's status as arguably the world's most powerful leader.
Significantly, Wang was at the frontline of Xi's anti-corruption crusade, heading the party's Central Commission for Discipline Inspection.
Among Mr. Wang's priorities will be helping Mr. Xi manage the critical but increasingly fraught relationship with the US, people familiar with the matter have said. "Xi will be relying on a collection of personal advisers to run the country and make decisions".
The overall leadership of the Communist Party of China (CPC) should be guaranteed and strengthened in the deepening reform of Party and state institutions, a senior Chinese official wrote in the People's Daily on Wednesday. Several minister-level appointments were scheduled for Monday, including a replacement for retiring central bank chief Zhou Xiaochuan and the head of a new agency to regulate the country's $43-trillion finance-and-insurance sector.
The changes are part of Beijing's ongoing efforts to streamline the government, avert financial risks and strengthen the Communist Party's control over the state.
Besides, the lawmakers also elected Li Zhanshu as the Chairman of the NPC.
Wang may well be called Xi's deputy and may get to handle China's turbulent ties with the United States after Donald Trump's election as President.
Cao said Wang paid particular attention to whether party cadres had sufficiently understood the spirit of the October Party Congress including "how to understand and get a handle of new areas of societal problems, the public's aspirations toward a better life, and uneven and insufficient economic development".
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