Chinese economy posts slowest growth in 13 yrs, up 7.8% in Q4
He is scheduled to take over as the President succeeding Hu Jintao in March this year.
The number two leader, Li Keqiang, who is an economist is set to succeed, Premier Wen Jiabao.
Economic stability was stated to be the focus of the new leadership reorienting China's expert driven economy, in view global economic crisis to that of one based on domestic consumption, which officials say would take sometime.
Besides rapid urbanisation, which now crossed 52.57 per cent in 2012, drastically changing the complexion of China's agrarian economy, China is also faced with demographic crisis as a result of its over three decades old one child policy
impacting its cheap labour availability.
China has about 185 million people above the age of 60, or 13.7 per cent of the population at present.
The figure is expected to surge to 221 million in 2015 and about 30 per cent by 2030.
Chalking out its plans to speed up the growth rate, China has announced plans to allocate USD 103.56 billion for massive railway expansion this year.
Plush with USD 3.31 trillion foreign reserves, China was expected to step up its investments to further develop its infrastructure to spur growth and roll out limited stimulus packages.
China is also reorienting its exports strategy moving away from European Union, which in the past was its biggest trade partner to developing and emerging markets.
The government has taken measures to cool the property
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