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"Will President Xi and his team prove the pessimists wrong at the Third Plenum?
Gaining insight into this process is particularly important as China's new leaders prepare to unveil an economic roadmap at the Third Plenum, which begins this coming week.
We should, however, consider the possibility that these moves, along with a State Council announcement on June 19 of a package of financial reform proposals, are part of a larger plan to lay the groundwork for the painful and desperately needed reform proposals reportedly up for approval at the Third Plenum of the 18th Party Congress that is expected to meet in October.
The decisions of leaders at the Third Plenum have been called the most important reforms since China abandoned central planning in 1978.
At the Third Plenum in 1978, former leader Deng Xiaoping announced the opening-up of China's economy, spearheading major market-oriented reforms.
The plan that the Chinese leadership went on to set out at the Third Plenum tackles exactly the fundamentals I've talked about: By allowing markets to play a greater role; strengthening financial sector regulation, including around shadow banking; and establishing the next generation of free trade pilot zones to boost trade and investment.
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Singapore's success as a trading hub impressed Deng, who imposed his vision of economic reform on China's Communist Party the following month, at an historic meeting known as the "third plenum".Singapore, which has a population of 5m to China's 1.35 billion, remains a source of inspiration for some Chinese reformers.
We are into the fourth and final day of the closed-door meeting held by China's top leaders, a gathering also known as the Third Plenum.
The announcement in China came on the final day of a summit of the Communist Party's policy-making Central Committee, known as the fifth plenum.
However, when a senior leader vowed "unprecedented reform" at the autumn's key political meeting – the third plenum – he was greeted with scepticism.
In October, at the sixth plenum of the party's Central Committee, where Mr. Hu gave his speech, officials discussed the need for bolstering the "cultural security" of China.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com