China's CPC communique encouraging, further details expected

The statement to set up a central leading team for deepening reform is indicative of a strong commitment.

In my hope for China, these are pieces of a bigger puzzle which really shapes the growth model much more towards a balanced economy that draws support not just from export and investment, but increasingly from internal private consumption.

If the economic transformation plays out, the development of Chinese consumption could be one of the most important developments for the world economy too, including the United States.

It's a great opportunity for countries that need new sources of growth, like the United States, to provide both goods and services specifically for Chinese consumers. [More]