Currently China is the No.2 economy in the world. Many economists are convinced that China will be the No.1 economy by 2020 or even earlier. These timely reforms will lead an economy whose growth, though no longer in double digits, is still relatively fast into a new era of productivity growth and innovation.

The success of China's economic transformation would bring a lot of benefit to other countries in the region that are the main trade partners of China. China will no longer primarily engage in exporting low-end manufactured products, but will instead produce higher quality output and invest more in other countries in the region, which will lead to more balanced trade and investment and shared prosperity overall.

As for its political development, China certainly will not follow the path of forming a liberal democracy like India and Indonesia who have seen their economic development hindered by open conflicts and shortsighted policies. Instead, China will look to strengthen Party discipline and accountability while maintaining representation of the people. A political system that is supported by rule of law can eradicate corruption. This would be a model engendering positive correlation between accountable politics and sustainable development.

Certainly, the challenges the Chinese government face in transforming the economy into a developed one while remaining sustainable are manifold. Critics doubt whether China will be able to manage the debt of state-owned companies and transform them into more competitive entities. However, full blown privatization is not an option, as many countries have tried it and failed miserably. The solution is maintaining ownership of SOEs in the hands of the government, but also introducing more transparent and accountable management similar to public companies.

All eyes, both domestic and international, are looking to the implementation of President Xi's "Four Comprehensives." Even critics admit to the possibility of its success if certain measures are taken seriously. China will certainly attempt to boost its potential for success while minimizing any potential for disruptions.

The author is chairman of the Center for Information and Development Studies in Jakarta, Indonesia

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