China's reform experience of the past 30 years tells me that real reform should be a shift in paradigm. Some people argue the government should play a bigger role helping the market mature, however in the context of China, the market cannot grow healthily if the government always keeps tight control of it. Effective macro-control, a legal duty of the government, is different from arbitrary interference, which stems from vested interests.

The reform started by late Chinese leader Deng Xiaoping created space for businesspeople from home and abroad. Now, the space needs to be regulated and ruled by law, instead of by the power of the government.

Deng Xiaoping removed the conceptual obstacles, now President Xi Jinping is removing the institutional ones.