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BRICS Plus benefits global economy

The increased anticipation was partly a result of the Third Plenum Session of the 18th Communist Party of China Central Committee in November that laid out an ambitious 10-year program by announcing the setting up of a high-level commission to coordinate nationwide reforms.

The four-day economic work conference was attended by all seven standing committee members of the Political Bureau of the CPC Central Committee, including President Xi Jinping and Premier Li Keqiang.

The main focus, particularly for the markets, was an indication as to what growth target the government was likely to set for 2014.

With the outcome for 2013 still not known — although now expected to be about 7.6 percent — what analysts were looking for was whether the government was about to relax the target from "about 7.5 percent" this year to allow room for structural economic reform.

The actual new figure will not be known until the March meeting of the National People's Congress, the national legislature.

                                                                                                                                                                 

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