Xi Jinping's overriding aim is the preservation of Communist party rule in China, as he made clear in speeches shortly after his elevation to be China's senior leader. Like his predecessors, he is obsessed with the Gorbachev phenomenon and doesn't want to be remembered in history as the Gorbachev of China. To that end he will keep the PLA leadership close to him, as "lips and teeth." And he is unlikely to permit greater political liberalization--reversing the verdicts on June 4 for example--which might contribute to a loss of party control over the population.
What his aim also means is that he cannot have a thorough-going anti-corruption drive that could target his senior colleagues and their cronies. A few egregious cases that become public may have to be prosecuted and Bo Xilai is a special case--though even there the delay in bringing him to trial shows how cautious the leadership is when it comes to members of the Politburo--but it is highly likely that the main targets of the drive will only be middle- to lower-ranking officials.
I will keep this very brief for two reasons.
First, I am totally focused on Wimbledon and the purges of Federer and Nadal while I am here in London. Second, Rod has expressed my views precisely.
Xi has to make some progress on corruption, because it is the biggest threat to his highest priority, as underlined by Rod: the control of the Communist Party. So we will continue to see a concerted drive against against Rolexes, Mercedes, shark's fin soup and mistresses, a bevy of attacks on minnows and tuna, and a few against symbolic whales. What we will not see, for Rod's reasons plus Party control of the courts and media, is wrestling with the core problem.