By Wang Qi, Sina English
The socialist party candidate Francois Hollande defeated Nicolas Sarkozy in the presidential run-off on Sunday, becoming the new president of France.
The first Socialist president since former president Francois Mitterand, Hollande will have to face stern challenges in the future: internally, to salvage France's crippled economy and externally, to pull eurozone out of the mire of debt crisis. Besides, when it comes to relations with foreign countries, especially with China, Hollande might stick to his predecessor's policies, according to analysts.To galvanize sluggish economy
Hollande pledged in his victory speech that his first mission is to unite French people, and boost employment and economic development in order to lead the country out of crisis.
But difficulties loom large before him. Stagnant economy was accompanied by heavy public debts, unemployment rate as high as 10 percent and double-digital deficit, plus a downgraded sovereign debt rating.
To tackle the grave fiscal situation in France, whoever rises to the presidency, he is bound to unfold a banner of reform on economy and society.
With traditions of the Socialist Party, Hollande stressed redistribution of social wealth, creation of more jobs for young people, teachers and government officials. He urged to raise the lowest salary and increase taxes on major enterprises and the rich. Many believe he might resort to protectionism in a bid to protect the manufacturing industry.
But some analyses pointed out his policies might stray from anti-crisis measures such as deficit cutting. And protectionism, in the long run, may cost France more jobs, even trigger trade war, sabotaging further regional and global economy.To push for economic development in Europe
After his victory, Holland promised to add "development, employment, prosperity and future" to European integration.
He advocated to review the "fiscal contract" signed by European Union, and opposed to long-term austerity policies led by Germany, expecting to stimulate economic growth through increase in expenditures.
This apparently goes against the will of its partner Germany, whose State Councillor Merkel said the EU "fiscal contract" is by no means negotiable.
Hence it stands as a tricky problem for Hollande to coordinate with Germany. But France and Germany have no other choice but resort to close cooperation, which will be the only way to benefit both, and will also be a well-reasoned result, as the two countries have always been the "axis" driving European integration.To succeed the predecessor's foreign policy
Unlike his actions in terms of new policies in economy, Holland may carry on his predecessor's foreign policies.
As for his China Policy, Keeping a friendly tie with China will prove a wise choice given the background that China and France have enhanced mutual benefit from increased bilateral exchanges.
Apart from pledging to offer more aid to developing countries and maintain France's nuclear deterrence, Holland said France will stick to its stance on issues such as Iran, Syria, Sudan, West Asia and North Africa.