POSTED: Thursday, November 15, 2012 - 9:00am
UPDATED: Thursday, November 15, 2012 - 9:04am
NBC News — China's ruling Communist Party unveiled its new leadership team thursday with Vice President Xi Jinping taking over as chief from the outgoing Hu Jintao. Xi takes the helm of the party and will head a team of seven members in the new Politburo Standing Committee, the top decision making body. The team will steer the world's second largest economy for the next five years. The number of members has been reduced from seven to nine as expected, which should make it easier for Xi to build consensus.
They will have to tackle everything from social unrest to issues with the domestic and global economy. In a short speech, Xi said that China must continue to reform and open up. He said the party faces many challenges including corruption and being out of touch with the Chinese people. Xi will take Hu's role as president next spring.