Opinion | China's old and new leaders should seize moment for economic reform

From an economic perspective, the 18th party congress closed at just the right time. New data shows that growth benchmarks in the industrial, investment, export and consumption sectors have been rising for two months, reversing the short-term downward trend.

Policymakers have been more objective in tackling this downturn than they were in the 2008 financial crisis. They have been more cautious in rolling out a new round of stimulus measures and have also continued with reform efforts while trying to maintain growth. This is a good sign.

But a stabilising economy does not mean that economic reform efforts should slow down. On the contrary, it is a good time to expedite change.

The new leaders responsible for economic matters will only assume office next year, after the National People's Congress and the Chinese People's Political Consultative Conference in March. Therefore, reform opportunities loom now. But whether the incumbent and incoming leaders can actually push ahead with reform will be a test of their capacity to govern and their sense of mission and responsibility.

China has achieved major breakthroughs in economic reform over the past three decades as a result of the leadership seizing opportunities, for example, the 1994 banking and tax reforms and at the beginning of the new millennium, before China entered the World Trade Organisation in 2001.

As far back as 1996, the five-year plan included an intention to alter the nation's growth model and adjust the structure of the economy.