A more open market and structural reforms will help China achieve equitable and sustainable development

The world economy is witnessing profound and complex changes, and both developed and emerging economies are in a critical period of economic transformation.

China faces four major challenges: first, it needs a market that can play its role to a greater extent, but one which is effectively regulated; second, it needs sustainable, not GDP-oriented, growth; third, it needs the government to efficiently facilitate growth, rather than lead it; and fourth, it needs wider international cooperation and exchanges.