China to set new GDP target for 2015

China's top leadership is meeting in Beijing on the economy. The Central Economic Work Conference is a closed-door annual meeting that will review the country's economic progress in 2014, and map out plans for 2015.

A key task is to set next year's gross domestic product growth target. Monetary policy, financial reform, and state-owned enterprise reform are also main topics. For the first time, the meeting will discuss and map out policy and reforms under what President Xi Jinping has termed the "new normal" of moderate economic growth, as well as the implementation of the "One Belt and One Road".

During the conference, policymakers are expected to acknowledge challenges in maintaining rapid growth while deepening structural reforms. Analysts say that there is a high chance the leadership will agree to adopt a lower gross domestic product growth target for next year.

The conference, expected to last two days or more, will set the tone for monetary and fiscal policies in the year ahead. While the central bank's monetary stance may officially remain "prudent", it is expected to effectively adopt a more accommodative policy.

Policy makers are also expected to lay out priorities for reforms for next year. They will also set economic performance targets for next year, including GDP, inflation, fiscal revenue and money supply growth.