Further system reforms will enable China to overcome middle-income trap and push forward social progress

President Xi Jinping and Premier Li Keqiang represent a new generation of leaders, determined to continue and accelerate China's economic progress and social progress. They are smart, committed and articulate.

The preceding decade was one of stupendous economic performance: growth approaching and sometimes exceeding 10 percent, poverty receding, a growing middle class projected to grow from 230 million to 630 million people in a decade, and an national economy that is the second-largest in the world. Resilience in the post-crisis period has been impressive, and crucial to the broader pattern of resilience and partial de-coupling in the developing countries. China is an economic powerhouse, the dominant force for growth in the global economy at this point. The dream, expressed frequently by the incoming President, is to become an advanced, creative, innovative, and equitable economy and society.