2015 may see some reform breakthroughs

The year 2015, the last year of the 12th Five-Year Plan (2011-15) and also the starting year for comprehensively advancing the governance of the nation by rule of law, is expected to witness the government's intensified efforts to push forward overall and deepened reforms.

As China's economy is adapting to a new normal, which is characterized by slower growth but higher quality, and in the process of deeper integration between its growth transition and reforms, the government needs to bravely confront deep-rooted contradictions. It should push for deep-water reforms in 2015 and in the years ahead, in a bid to win the final and tougher stages of the battle to overcome the obstacles that stand in the way of its economic transformation, upgrading and innovation driven growth. Only by doing this, will it be able to firmly take the initiative in this process.

The country should follow the trend of its economic growth, transformation and reforms becoming mutually intertwined, in an effort to forge a balanced, coordinated and sustainable new normal for its economic growth. Currently, China's economic transformation and upgrading are at a historical juncture that has witnessed increased restraints in both time and space. This highlights the need to race against time to push forward such initiatives. While making its macroeconomic policy adjustments, the country should not be influenced by short-term fluctuations and should look at economic development with a long-term perspective. It should release a new driving force for its economic growth through deepened reforms that lubricate a balanced, coordinated and sustainable new normal, one that is built on economic structural adjustments, innovations as well as breakthroughs in key reforms.