As always, we don't know exactly what is going in this year's China's leadership transition. Xi Jinping is the president-in-waiting — but what's will his leadership bring?

It looks like we may have caught some glimpses of Xi's plan via a written account of a secret meeting currently circulating amongst retired officials. Reuters has spoken to a number of sources who have seen the account of the meeting, and they say it hints at political and economic reform.

Reuters' sources were able to paraphrase some of Xi's comments:

"The problems that China has accumulated are unprecedented."

"We must seek progress and change while remaining steady."

China needs to deal with "corruption and ill-discipline in the party" as a top priority.

"We've got to hold high the banner of reform, including political system reform."

Crucially, Xi apparently hinted that private businesses may get a tax break and other incentives.