HED: China to embark in new era of reformation

The decision to deepen reforms on Nov 15 at the Communist Party of China's 18th Central Committee's Third Plenum indicates a new era of fundamental changes, says an article of the 21st Century Business Herald (excerpts below).

The reforms document is comparable to a similar one released by the third plenum of the 11th Central Committee of the CPC in 1978 and Deng Xiaoping's important talk in his tour to South China in 1992.

The core of future economic reforms are, as the CPC Central Committee vowed in the document, to let the market play "a decisive role" in allocating resources and cut government intervention in the market to boost free market competition.

It is of epoch importance that the document firstly stresses that non-publicly owned property rights are inviolable. This gives entrepreneurs who may intend to emigrate the confidence to stay in China.

The new leadership's pledge to support the development of non-publicly owned enterprises will also consolidate private enterprises' confidence in the Chinese market.

The proposal to separate the financial support and salaries of the judicial and procuratorate systems from those of the local government system is also an important — yet overdue — breakthrough. It ensures the independence of judicature.

The new reform plan is ambitious, yet the planner must be cautious of any new problems that may arise in the process of solving old conflicts.

The document marked a turning point at least for Chinese reform's shift from speed to quality. The authority must prioritize the public welfare over the needs of a limited number of people.

China is in a crucial stage, as it is not only faced with the pressure of restructuring its economy, society and governance, but also it is engaged in direct competition with the United States.

The transformation and recovery of the two great nations will shape the world this century. Chinese leaders have let the world see their political courage and wisdom in their reform plan.

If the plan is well implemented, China will overcome the largest barriers left by Deng Xiaoping's reform started in 1978.