BEIJING - The just-concluded Third Plenary Session of the 18th Communist Party of ChinaCentral Committee and its decision on major reforms have outlined the blueprint for China'sfuture development.
Overseas experts believe that the plenum and its detailed document on "major issuesconcerning comprehensively deepening reforms" are of great significance both to China and thewhole world.
The plenum was not only important for China, but also for the global economy, Cheng Li, directorof research of the John Thornton China Center of the Brookings Institution, told Xinhua in a recentinterview.
"...(the decisions) can not only uplift public confidence through new economic opportunities andnew sources for growth, but also undermine criticism and fear that economic reforms will not gofar without other reforms," he said.
Yukon Huang, senior researcher with Washington-based think tank Carnegie Endowment forInternational Peace, said in a commentary piece on Financial Times that "China's future lies asmuch in maintaining political stability as in sustaining rapid growth."
"Fiscal reforms and reduced dependence on banks will improve transparency and promoteaccountability. Rolling back the power of state enterprises and streamlining governmentprocedures will restrain opportunities for rent seeking. Promotion of a services-orientedeconomy will reduce dependence on energy-intensive industries and help mitigate environmentaldegradation," the commentary read.
He concluded that all this will give substance to the "Chinese Dream."
The key concerns of the plenum are: breaking state monopolies, reforming land rights andintervening less in the market to release more vigor in the economy, said Alexei Maslov, head ofSchool of Oriental Studies at State University - Higher School of Economics in Russia.
Joe Foudy at the Stern School of Business of New York University sees three challenges inChina's reforms: how to overcome those vested interests, how to sequence these reforms andwhat the speed is going to be?
Chheang Vannarith, lecturer of Asia Pacific Studies at the University of Leeds, applaudedChina's decision to open up the banking sector by allowing qualified private capital to set upsmall- and medium-sized banks.
He said that small- and medium-sized enterprises (SMEs) are the foundation of the economy,and financing is one of the key issues facing them.
"China needs also to assist the SMEs to be part of the national and international productionnetwork driven by Chinese multinational corporations," he said.
Former U.S. National Security Advisor Zbigniew Brzezinski said "it's a very encouraging turn ofevent, which emphasizes China's constructive leading role in the far east but also internationalaffairs generally."
"We have to strive to infuse increasingly significant strategic content into our relationship," hesaid, adding that the key is working together on issues that go beyond the scope of economicties.
"I really appreciated the decisions of the plenum that outline a commitment on the market and onthe green economy as well as on the ability to handle competition with a positive perspective,"Milan Mayor Giuliano Pisapia said in an interview with Xinhua, adding "which means forexample avoiding situations of monopoly, that are always negative."
"Simplification and de-bureaucratization are efforts that we are all doing but only few havemanaged to make in a positive way and with the ability to extend it to a wider territory," he said.
To comprehensively deepen reforms not only helps China plant the seeds for development, butalso provides a possible solution to global problems such as maintaining world peace andstability, eradicating poverty and protecting the environment, Chairman of the Bulgaria-Chinaforum and former Bulgarian Vice President Angel Marin said.
One challenge facing China is how to respond to the international community's expectation of thecreation of a successful society model, which can be an example of sustainable development, hesaid.