Source: CCTV.com

12-15-2008 10:27

After 30 years of reform and opening up, China has transformed from a closed economy to a vibrant, more open one. A natural question is "what's next?". In the final episode in our BizChina 360 series, we look at future development trends as well as challenges and opportunities in the years to come.

China has not only achieved what it planned 30 years ago, but it has done so far more successfully than anyone ever thought. Looking forward, the world is curious about where China will go from here.

Melinda Liu, Beijing Bureau Chief
Melinda Liu, Beijing Bureau Chief of Newsweek

Melinda Liu, Beijing Bureau Chief of Newsweek said "We are all watching with great admiration and curiosity with how things will go from now on. We have been extremely impressed with the past 30 years."

And the answer is clear. Chinese leaders have emphasized on various occasions that the country is committed to pursuing reforms and opening up. But, as some experts say, the road ahead might be tougher than the previous 30 years.

Bi Jiyao, Deputy Director of Inst. for Int'l Economic Research of NDRC said "The further deepening of the economic reform will be more difficult than before, because we are facing more complex problems than 30 years ago."

Bi Jiyao, Deputy Director of Inst. for Int'l Economic Research of NDRC 
Bi Jiyao, Deputy Director of Inst. for Int'l Economic Research
of NDRC 

Fast economic growth has certainly resulted in some side effects -- an income gap, environmental issues, problems with the healthcare and pension systems, and an aging population. These are some of the concerns voiced by the public.

While admitting the tough challenges ahead, Premier Wen Jiabao said at the 2008 Summer Davos in Tianjin that the fundamental solution to all these problems lies in the deepening of reforms.

Wen Jiabao, Chinese Premier said "We will continue to deepen economic reforms. We will further improve the basic economic system and market system; deepen reforms of the fiscal, tax and banking systems; and improve the macro-economic regulatory system. Only by continuing reforms and opening up and unswervingly following the path of socialism with distinctive Chinese features can China have a bright future."