The Third Plenary Session of the 18th CPC Central Committee ended with a communiqué to introduce much needed socio-economic reforms to continue the fast-track developmental processes to cope with changing realities. The reform package is not limited to the economy, as misunderstood by many China watchers and amateur analysts. It is, in fact, a comprehensive agenda to address the issues in the system of governance, politics, culture and society.

The reform proposals were prepared through several meetings and consultations at various levels of government, involving experts and officials. Some of the key areas identified for drastic changes were the finance sector, rural land reforms, urbanization, corruption, the fair distribution of wealth, social disparities, social security issues, environment, state-owned enterprises, monopolies and speeding up the technological innovations.

The plenary meeting was attended by 204 Central Committee members and 169 alternate Central Committee members. Members of the Central Discipline Inspection Committee Standing Committee and some other party representatives also took part in the meeting as non-voting delegates. The communiqué issued at the end of the meeting does not give many details of the reforms, which will be introduced over a period of time, but it shows that the delegates agreed to give market forces a greater say in resources allocation while committing to build socialism with Chinese characteristics. It means that the private sector will play greater role in coming years.

The communiqué shows that the social sector will also be overhauled by addressing flaws in education, justice and health systems and solving problems like unemployment, unequal distribution of wealth and poverty. The party decided to follow the path set by its former great leaders, but also determined to fulfill its obligations to the coming generations by paying attention to their demands and needs.

The plenum also announced to set up a special committee or team of experts to ensure "comprehensively deepening reforms," which will help formulate and implement the incremental package of changes. It is important that this team is given a free hand to push ahead with the changes at the time and pace of its choice.

The meeting was held as China faces some major challenges after undeterred growth over more than three decades which made it as the second biggest economy of the world. As the country continued with its GDP-driven growth model, it created a plethora of social problems. Red tape and corruption emerged as major issues, threatening order and stability. It is important that the new Chinese leadership is not only aware of the grave problems but determined to tackle them before they get out of control. The top officials of the party and government are also aware that pockets of prosperity brews discontents among the have-nots and ultimately results in political disturbances and violence.

The four-day intensive deliberations over economic and social reforms have offered far-reaching socio-economic changes. It is too early to say that they were "more and less revolutionary" than those of 1978 when the Third Plenum of the 11th CPC Central Committee decided to open up the economy through a series of reform, putting the country on the road to rapid development.

Also, we cannot say that the new initiative will be as effective as the Third Plenum of the 14th CPC Central Committee reforms in 1993, which endorsed the socialist market economy, paving the way for China's economic takeoff in the following decades. Time and history are the best judges of changes undertaken by nations. What can be said is that the agreement to introduce new reforms shows that the Chinese leaders are conscious of changing domestic situation and international environment and willing to initiate necessary measures well before time. I think the sheer acknowledgement and readiness to act is more important than anything else and will serve well both the people and the government of China.

The writer is a Pakistani columnist.