China's deepened overall reform a new impetus for global development

Deepening reform in an all-round way, China, the host of the ongoing Asia-Pacific Economic Cooperation (APEC) meetings, is confident to give new impetus to the development of the Asia-Pacific region and the world.

Chinese President Xi Jinping mapped out the country's grand reform blueprint to the APEC CEO Summit in a keynote speech on Sunday, vowing that China's deepened overall reform will benefit regional and global development and prosperity.

Xi's remarks came a year after the Communist Party of China (CPC) unveiled a new reform plan that highlights a more decisive role of the market in allocating resources in a key meeting.

Policies set down in the meeting included making fair, open and transparent market rules, allowing various market players to do business in more sectors, clearing up rules that impede the establishment of a united national market and letting the market decide the price -- and they were only parts of the 300-plus major reform measures in the blueprint.

A showcase of the Party's resolution in the reform plan, Xi personally headed the leading group for overall reform one month later.

The first meeting of the leading group, held in early 2014, approved the establishment of six sub-groups steering reform in the six aspects of economic system and ecological civilization system, democracy and law, cultural system, social system, system of Party building, and discipline inspection system.

Over the past year, China has streamlined administration by cancelling or delegating over 600 administrative approval items to lower levels. The reduction of administrative fees alone has relieved 10 billion yuan stress for taxpayers per year.

While allowing the market to play a more decisive role, Chinese government has steadily fostered innovation. It has opened up more sectors to private investors to bring in competition and new ideas to the market.

To open to the outside world in a high level, China launched the Shanghai Free Trade Zone (FTZ) last year as a test bed to explore applicable systems for replication nationwide.

But economy is not all.

China has made efforts to boost the fusion of traditional and new media, relax the one-child policy, intensify checks on key polluting industries and stimulate artists' creativity to meet people's increasing spiritual demands.

In a key policy-setting meeting last month, the CPC made "rule of law" the central theme, promising deepened judicial reform while defending the supreme authority of the Constitution.

In a step related to the ongoing APEC meetings, China is vigorously promoting efforts to draft a roadmap for the Free Trade Area of the Asia-Pacific (FTAAP).

China's reform is part of the social and economic progress of the Asia-Pacific region and the world, and its fruits will hopefully impress foreign guests long after this year's APEC gathering.