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It's official, Xi is China's new leader

On Thursday, China's Communist Party revealed its new leadership. Former Vice President Xi Jinping will be the new president, party chief, and head of the military.

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Chinese Vice President Xi Jinping attends during the closing ceremony for the 18th Communist Party Congress at the Great Hall of the People in Beijing, China, Wednesday. Designated as successor five years ago, Xi will take over as party general secretary from Hu Jintao on Thursday, and as president next spring, in China’s second orderly transfer of power.

Lee Jin-man/AP

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China's ruling Communist Party unveiled its new leadership line-up on Thursday to steer the world's second-largest economy for the next five years, with Vice President Xi Jinping taking over from outgoing President Hu Jintao as party chief.

Xi was also named head of the party's Central Military Commission, state news agency Xinhua said.

The other new members of the Politburo Standing Committee - the innermost circle of power in China's authoritarian government - include premier-in-waiting Li Keqiang and financial guru Wang Qishan, who will be in charge of fighting corruption.

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