“It was a quiet political earthquake, though political aftershocks are still being felt and will continue to rumble through and quite possibly transform the political landscape. China’s “phantom regent” and very real military commander-in-chief Jiang Zemin finally stepped down last month, yielding to moderate reformer Hu Jintao (now president, party chief and military commander) and his ally Premier Wen Jiabao. Jiang, however, had been the patron and protector of the powerful Shanghai Clique, with its vested interests and opposition to vital economic reforms, such as the need to cool the galloping Chinese economy and curb unnecessary investments. ”
The full article is here on Asia Times.