China's Reform Architect Calls for Renewed Market Focus, Innovation to Spur New Era of Opening Up

China's economy must "return to basics" and build an "open, competitive and orderly" market system, says veteran economist Wu Jinglian.

Reform should focus on coordinating policies, seizing technological innovation, and pushing further opening up and reforms.

Wu was a key advisor behind China's famous 1980s reform and opening up movement under Deng Xiaoping.

Despite government vows, overseas observers question China's commitment as state role expands and regulatory environment grows more unpredictable.

Reforms called for include raising retirement age, SOE and hukou reforms, and removing barriers for private firms, but results so far are mixed.