One of China's most important meetings, the Central Economic Work Conference has opened in Beijing. It will set the tone for China's economic policies in 2013. It's also attracting even more attention than usual as it will offer the first glimpse of the thinking of the new leadership of the Communist Party of China.

New leaders, new polices. This year's central economic work conference opens amid much attention from around the world to get a clue of the direction of the world's second largest economy.

The just concluded 18th party congress elected the new top leaders of the Communist Party of China. It came with an ambitous goal...doubling the country's GDP, and people's per capita income by 2020.

Economists believe, the central economic conference will set a modest growth target, and emphasize the quality of growth.

Dr. Kenneth kim at School of Business, Renmin Univ., said, "I think one of the things you are not going to hear is the enthusiasm for large growth. I think what they are gonna to say is going to be about sustained growth."

As it's a closed door meeting, we will not get details until it ends. But, it's clear that China's top policy makers will work closely to address the most prominent challenges in the economy. And the key questions here is... what will be the new engines for economic growth in the next decade, and how will they provide a sound political and economic framework to gurantee potential to be fully tapped?

Analysts say structural reforms are underway. Among them, tax reform, income distribution, and urbanization are likely to be high on the agenda.

Prof. Huo Deming at Nat'l School of Dev'T, Peking Univ., said, "We are gonna rely on urbanization. Simply because of the mass of agricultural working force. We need to transform that kind of productivity into more industralized."

While many are expecting profound reforms in the economy, changes won't come overnight. The government is also expected to stress stability and continuity of economic policies. It is likely to maintain proactive fiscal policies, and prudent monetary policies in 2013.

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