Change of model imperative

Shift of development focus will offer added benefits of cleaner, lighter and greener growth that is crucial for sustainability

In early March, China's National People's Congress will approve its 12th Five-Year Plan (2011-2015). This plan is likely to go down in history as one of China's boldest strategic initiatives. In essence, it will change the character of China's economic model - moving from the export- and investment-led structure of the past 30 years toward a pattern of growth that is driven increasingly by Chinese consumers. This shift will have profound implications for China, the rest of Asia, and the broader global economy.

The upcoming plan will force China to rethink the core value propositions of its economy. Premier Wen Jiabao laid the groundwork four years ago, when he first articulated the paradox of the "Four 'Uns'" - an economy whose strength on the surface masked a structure that was increasingly "unstable, unbalanced, uncoordinated, and ultimately unsustainable".