Venezuela's President Hugo Chavez (L) is sworn-in by the Cilia Flores, president of the Venezuelan Parliament, for a third term at the National Assembly in Caracas Jan. 10, 2007. (Xinhua/Reuters Photo) Photo Gallery >>>

Venezuela's President Hugo Chavez speaks at the National Assembly after being sworn in for a third term in Caracas Jan. 10, 2007. (Xinhua Photo) Photo Gallery >>>

    BEIJING, Jan. 11 -- Venezuela's re-elected President was sworn in for a new six-year term on Wednesday. Hugo Chavez has begun office with promises to re-make Venezuela as a socialist state.

    Chavez took the oath of office at the National Assembly five weeks after a sweeping victory in re-elections saw him take more than 60 percent of the vote.

    The victory has given him free reign to pursue more radical changes, including plans to nationalize "strategic" power and telecommunication companies.

    Chavez says he will devote this next term to building socialism in the country. He's stressed that socialism - not capitalism - is the only way to guarantee well-being not only for Venezuela, but the world.

    Chavez said, "Eight years ago I ratified the inauguration on our now marvelous Bolivarian constitution. And now we send it into the future to build the Venezuelan path toward socialism."

    Chavez has said he will ask the National Assembly to give him power to create revolutionary laws. He hopes to use this to reform Venezuela's constitution to formally commit the country to socialism. He says he wants to create a people's education program via the so-called Ethics and Lights program, and redesign the nation's government to grant more power to local governments.

    Chavez has also said the new measures aim to dismantle privatization and bring back nationalized institutions.

(Source: CCTV.com)

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