Continued reforms to encourage an open and innovative climate will hopefully be discussed during the Third Plenum. Some bold targets could also help galvanize innovation and create a focus for economic development.

Eliminating poverty and ensuring improved equity by 2035 so that the gap between the rich and the poor is reduced further is likely to be one of the bold targets that is set by policymakers.

China has already made a step in this direction by introducing reforms that aim to support a sustainable lifestyle among the rich. It could also be the first country where lifestyles that help eradicate poverty in China and beyond are promoted, especially by paying fair prices for agricultural products and by purchasing products that drive innovation needed to reduce poverty, such as smart lighting and communication solutions.

Instead of quantitative growth, new measures for quality of life and creativity in society can be introduced along with transparency tools, where the contributions of individual companies are disclosed on a weekly basis.

Finally, unless the gap between the new rich with their destructive lifestyles and the poor begins to close there will be conflicts, both because of lack of resources and because of frustration that the few who have so much do not share it. Reforming the incentive system for companies and ensuring that the tax system evolves in a manner that rewards companies that provide innovative solutions is essential. At the same time, companies that promote an egoistic and resource-intensive lifestyle should be punished.

The author is the founder of 21st Century Frontiers, a Sweden-based consultancy that specializes in research on China's global media image.