The Third Plenary Session of the 18th Central Committee of the Communist Party of China (CPC) was held in Beijing on November 9-12. The meeting will lead China on a broader path of reform.

This will include comprehensive, in-depth reform, aimed at promoting a socialist market system with Chinese characteristics, resolving challenges to growth, and realizing the sustained, healthy development of both the economy and society. Such reform has been described as entering a "deep-water area" and is an essential way out for China.

Thirty-five years ago, the Third Plenary Session of the 11th CPC Central Committee launched China's reform and opening-up drive, shifting the country's focus to economic construction and global integration. Today, China boasts the world's second largest economy.

However, with three decades passed, some policies seem to be out of date. What's more, the 2008 global financial crisis heavily hit the world ecTaking the Next Big Steponomy and changed the global economic growth process. In China, the development slowed down and various difficulties and problems arise.

The economy still faces risks, while foundations for steady recovery remain unsound, making restructuring an arduous task. Some industries are currently suffering from overcapacity and poor technological innovation, highlighting China's outdated industrial framework.

Current systems need urgent improvement. Laws pertaining to the socialist market economy are incomplete. The non-public sector of the economy is weak. Fiscal and taxation system reform needs to be accelerated. Budget integrity and transparency are inadequate. The tax structure is unreasonable, while spending on people's livelihoods and public services is too low.

All these problems call for comprehensive and in-depth adjustment. All these problems are expected to be resolved through further deepening reforms.

Of course, reform is no easy task, as it will touch interest of certain groups. The reform designers need more courage and resolution. Rapid development of China's economy and society relies on determined reform. So does the country's future.