The rest of China's new leadership team

As well as Vice President Xi Jinping taking over from outgoing President Hu Jintao as party chief, Xi was named head of the party's Central Military Commission, according to state news agency Xinhua.

The other new members of the Politburo Standing Committee include premier-in-waiting Li Keqiang and financial guru Wang Qishan, who will be in charge of fighting corruption.

The number of members has been reduced to seven from nine, as expected, to try and ease consensus-building as they tackle everything from growing social unrest to uncertainty in the domestic and global economy.

China's new leadership Credit: Reuters

North Korean-trained economist Zhang Dejiang is expected to head the largely rubber-stamp parliament, while Shanghai party boss Yu Zhengsheng is likely to head parliament's advisory body, according to the order in which their names were announced.

Tianjin party chief Zhang Gaoli and Liu Yunshan, a conservative who has kept domestic media on a tight leash, make up the rest of the group.