As the US Federal Reserve trims its stimulus programme, the easy-money policies that have encouraged strong cash inflows to China and emerging economies will also begin to taper off. The impact of this could be significant as central banks in emerging markets follow suit and implement tightening measures to curb liquidity and protect their currencies' values.

Tthe current global economy feels like the beginning of the third and final act of a story, which begins in search of resolution. Policy uncertainty will be the chief issue facing the US; in Europe, Greece's ability to meet its obligations and the euro zone's attempts to regain growth will be important factors this year. For Asia, 2013 holds in store two particularly pivotal plot devices.

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Xi Jinping