Bold deep-seated reforms

The blueprint is closely associated with the upcoming Third Plenary Session of the 18th CPC Central Committee. It indicates a heavy focus on reforms this time round, reforms that will be pushed forward with much determination in more sectors, reminiscent of the landmark Third Plenary Session of the 11th CPC Central Committee held in late 1978.

Looking back at that plenary session, which raised the curtain on China's reform and opening up, the country moved forward carefully and cautiously, and mistakes, to some extent, were tolerated.

Today, things have changed. Reforms have to address deep-seated institutional loopholes and emerging challenges. Hence, there is little room for error.

Releasing the reform plan ahead of time indicates that the government is prepared to hear public opinion. In this way, measures that gain public support will be promoted, and those not favored will be put aside.

Naturally the 383 Plan cannot solve all the problems that hinder China's progress, and more reforms will follow. This year, the new Chinese leadership has unveiled seven reform policies, including reducing administrative intervention, expanding the pilot program of replacing business tax with a value-added tax, and interest rate liberalization. In the following days more in-depth measures and policies will be decided on to push China's reform and opening up even further.