Despite some progress, China's economic restructuring is still confronted with steep challenges and obstacles, like economic inefficiency from a bloated bureaucracy, the absence of policies and subsidies to promote green GDP growth, and excessive intervention in economic development by the government.

"China is at a historical crossroads," said Wu. "An urgent task now is to promote market-oriented economic reforms and political reforms emphasizing democracy and the rule of law."

Xia Bin, honorary director of Financial Research Institute at the Development Research Center of the State Council, believed what really mattered was whether the government had made up its mind to reform.

Hua Sheng, president of Beijing Yanjing Overseas Chinese University, noted that China's economic growth was obtained at the cost of environmental degradation. Substantive progress would be difficult to achieve if priority was not given to environmental protection.

Sustainable economic development cannot do without the sustainable development of enterprises. Zhang Ruimin, president of Haier Group, one of the most internationalized and competitive Chinese enterprises, said, "Sustainable development is an eternal objective. But in reality, it may be a paradox.

"The focus is on how to find a correct development path," he said, adding that some enterprises are drifting toward bankruptcy.

Zhu Xing, a member of the CPPCC National Committee and Assistant Principal of Peking University, stressed that technology should play a bigger role in China's economic restructuring. Compared with other countries in the world, the contribution of scientific and technological progress to economic growth is relatively low. The lack of independent innovation is a stumbling block in economic restructuring.

The road ahead

According to the report by Hu Jintao, the then General Secretary of the Central Committee of the Communist Party of China, at 18th CPC National Congress, China should double its 2010 GDP and per capita income for both urban and rural residents by 2020. Whether China can achieve the goal remains to be seen.

However, observers are optimistic about the future. Zhao Xijun, vice-dean of the School of Finance at Renmin University of China, held that during the 12th Five-Year Plan (2011-15) period, China would experience steady economic expansion at a pace lower than the average 10 percent registered in the past three decades, but still faster than most countries.

Bai Jingming, deputy director of Research Institute for Fiscal Science under the Ministry of Finance, held a similar view. "With its macro policies focused on scientific development, China is capable of realizing sustainable development. To this end, a balance should be maintained in environmental protection, efficient resource utilization and economic expansion."

"Larger investment in energy conservation and environment protection indicate greater support from the government. The Chinese government has also invested heavily in technological and scientific development, in an effort to fuel its economic restructuring. Apparently, the government has attached great importance to sustainable development."

Ma Guangyuan, a business commentator, said, "Hu's report provides detailed enforcement regulations for China's economic restructuring, making it more feasible and viable. In a decade or two, there is reason to believe China will build up a modern economy, shifting from an economic giant to an economic power."

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