By Kim Young-gyo
BEIJING, Nov. 15 (Yonhap) -- Xi Jinping, the newly elected Chinese leader, will make great efforts to sustain China's strong economic growth, financial experts predicted Thursday.
China announced earlier on Thursday Xi has become the chief of the ruling Communist Party, implying he will also be named the country's president next spring.
The announcement garnered a keen interest globally, as the expected 10-year tenure of China's new incoming top national leader will allow structural changes that affect the world economy and business.
Standard & Poor's (S&P) said that China's new leadership will work to maintain annual economic growth of above 7 percent in the next five to 10 years.
"Strong sustained economic growth would lead to further gains in Chinese income, wealth and efficiency to increase its buffer against potential economic or financial shocks," said Kim Eng Tan, an analyst at S&P.
"Efforts to deepen reforms in the financial system and the state-owned enterprise sector are likely to continue in order to achieve this relatively strong growth."
The Chinese central government will introduce a more transparent and sustainable financing system in supporting local investment projects, the S&P analyst expected.
An increased emphasis will be made on narrowing income disparity and rebalancing the economic growth structure, in a bid to ease social tension and provide more flexible options for policy makers, he said.
Deutsche Bank said Xi made clear in his first speech after being elected that the reform of the existing system is on the top of the agenda for the new leadership.
"These statements sent a very encouraging message that the new leaders view reforms as vital to the survival of the party and for the continued economic prosperity of the country," said Jun Ma, chief economist at Deutsche Bank.
"We believe reforms will accelerate under the new leadership."
He also said the overall direction of financial sector liberalization is unlikely to be altered, regardless of who becomes the top economic policy makers.
China's new government will be formed in February or March.
- Xi Jinping to strive for China's strong economic growth
- China's Xi expected to deepen practical ties with S. Korea
- Prosecution, police under mounting pressure to bury the hatchet
- Liberal contenders' single candidacy process to impact presidential race
- (US election) Second Obama gov't faces multiple challenges on Korea
- Obama faces test of ties with S. Korea's new president
- Uncertainty dominates presidential race; hopefuls vie to win over moderates
- S. Korea, U.S. lay groundwork for new chapter in alliance
- S. Korea becomes bridge builder to promote green growth as global agenda
- Special investigation unlikely to have big effect on presidential vote
- Ahn Cheol-soo's bid transforms presidential election into 3-way race
- Political bickering intensifies over Park's defense of father's legacy
- Turbulence ahead for S. Korea's fighter jet purchase
- S. Korea's presidential race dominated by uncertainty, call for change
- Japan under fire for denying responsibility for wartime sexual enslavement
- U.S. jury verdict may stall Samsung's smartphone ambition
- Park Geun-hye faces tough challenges in run-up to Dec. 19 polls
- S. Korea, Japan on collision course again over historical issues
- Lee's surprise visit to Dokdo raises tensions with Japan
- 'Global Korea' pitch hit by human trafficking record
- Past legacy helps and hinders Park's bid for first female president
- Lee champions free trade, green growth during Latin American swing
- Big morale-booster for 'Queen of Elections' in S. Korean polls
Home > National > Politics/Diplomacy