Publication of a new economic blueprint on Tuesday has put the nation on track for the building of a well-off society by 2020.

The strategy to improve the socialist market economic system was approved at the Third Plenary Session of the 16th Central Committee of the Communist Party of China (CPC), held from October 11 to 14.

Filled with breakthroughs urgently needed to deepen the nation's reform and opening up, the published blueprint sets out a roadmap for the nation to steer a steady course in perfecting its market economy.

The amazing growth story of the Chinese economy in its transition from central planning to market competition over the past two decades has so far made the country the sixth largest economy in the world.

In the meantime, however, institutional obstacles that the country failed to address during the initial introduction of the market economy have been sapping the country's growth momentum.

The nation's raised awareness of sustainable development and its entry into the World Trade Organization (WTO) in 2001 have led to an increasingly wide consensus in favour of urgently deepening the reform process.

By answering this call, the new decision clearly demonstrates the Chinese authorities' vision and resolution to take on the hard challenges of economic reform.

Among all the responses to various challenges ranging from a yawning income gap to mounting employment pressures, the document has specified the need to vigorously promote the private sector in China and upgrade the country's level of opening to the outside world.

The former indicates a further recognition of the vital importance of the thriving private sector as a key driving force in the national economy.

The new decision stresses that the State will grant private enterprises equal treatment in investment, financing, taxation, land use and foreign trade.

And non-public capital will be allowed to enter infrastructure, public utilities and other sectors, when not prohibited by laws and regulations.

Such concrete measures will not only shore up the private sector's investment enthusiasm but also boost domestic competition to raise the overall efficiency of the economy.

The emphasis the decision laid on foreign economic exchange deserves no less attention. It signalled the country's determination to further integrate with the outside world while sharpening its international competitive edge.

The expansion of the Chinese economy is a proven opportunity for overseas companies.

China's earnest fulfillment of its WTO commitments has helped cement overseas investors' confidence in this fast-growing economy.

Obviously, a better environment for overseas investment will enable Chinese enterprises to make the most of the ongoing global reorganization and transfer of industries to boost domestic industrial restructuring.

Both the priorities on the private sector and on opening up point to establishing a unified, open and orderly modern market system.

Only such a mature market economy can ensure that all enterprises, from home and abroad, of all kinds of ownership, compete on an equal footing in this country.

The new growth agenda demonstrates China's renewed faith in the market. Such a belief is definitely an essential part of the good governance that sound and sustained growth requires.

(China Daily October 23, 2003)