The Chinese Communist Party announced the new leadership headed by Xi Jinping, the son of a revolutionary leader and economic reformer, on Thursday, the NY Times said.
Xi will take over as the country's president from Hu Jintao in March, the Washington Post said.
Xi was confirmed as the leader for the next decade and let the new Politburo Standing Committee onto the state at the Great Hall of the People in Beijing, the BBC News said.
Facing calls from Chinese elites to support more openness in China's economic and political systems, Xi comes at a time of pressing reform, the NY Times said.
"The people's desire for a better life is what we shall fight for," Xi said to the Washington Post. His main job is to "steadfastly take the road of prosperity for all."
China has gone through a decade of rapid development and has become the world's second-largest economy, the BBC News said.
Yet, the development has also led to a widening wealth gap, environmental challenges and social discontent over this inequality and corruption, the BBC News said.
"The party faces many severe challenges, and there are also many pressing problems within the party that need to be resolved, particularly corruption," Xi said, according to the BBC News.