The exchange of gifts in China has been subdued this year-end, an acknowledgment that, at least for the time being, it is better to be discreet. Fewer officials are on the list of recipients and the amounts spent have become more modest.

If China is finally tackling corruption, that is good news. Corruption has become so pervasive that it is jeopardising social stability, leading to misallocation of resources and capital and stymying the progress that China has made in raising the general level of prosperity and wellbeing. Wang Qishan, who is spearheading the anti-corruption campaign, is an apt choice for the task. He knows how financing in China works, having run China Construction Bank. Because of his age, the 64-year-old will be on the Politburo Standing Committee for only one term, which means he has little to lose. And he has no children.

Analysts are penning hopeful reports that 2013, the year of the snake, will also be the year that the stock market finally regains its animal spirits. Hopes that China is serious about tackling corruption are contributing to the cheery outlook. After being flat most of the year, the Shanghai Composite rose more than 14 per cent in December. Will this year be a solid continuation of that trend?