Many people have compared the Third Plenary Session of the 18th CPC Central Committee with the session 35 years ago. There are similarities between the two in terms of their significance to China's reform and opening-up. But the session this year has drawn worldwide attention, indicating a radical and meaningful change in China's relations with the rest of the world over the past three decades.

In 1978, China was struggling in the plight of economic stagnation and social unrest in the aftermath of the Cultural Revolution (1966-76).

To save the nation on the brink of bankruptcy, then leader Deng Xiaoping and other reformists made concerted efforts to launch the belated reform and opening-up initiative amid inconceivable political resistance.

Deng persuaded other Party leaders to recognize the backward development in China, and suggested learning from capitalist "adversaries" like the US, Japan and European countries by feeling the way inch by inch, or "crossing the river by touching stones" in Deng's words.

Learning with a modest attitude has indeed brought China astonishing achievements. Today's China has become the largest trading partner of 128 countries and contributes more than 20 percent of the world's economic growth. That's why all eyes are on China's future policy directions and economic prospects in particular.

In the past, China's development opportunities mainly relied on how to attract and capitalize on foreign resources and markets. It is a different story now.

To realize more accomplishments in an interconnected world, Beijing must consider how to release its own huge potential, how to strengthen its capabilities in sustainable development, how to adapt to the increasingly uncertain international economic landscape, and how to effectively engage in global affairs while putting its own house in order.

Beijing has no luxury to handle its domestic reforms without taking an outward-looking mindset and shouldering more international responsibilities. The daunting challenge for China's new leadership is striking this delicate balance.

China is adept in its long-term planning, but putting in place all the right plans in right ways, which entails refined political skills, has become more compelling.

Realizing these long-term goals will wield profound influence over China's international strategies, since Beijing needs an upgraded peaceful development drive in addition to an upgraded economy.

At present, it is still critical for China to tackle its internal affairs better. In recent years, many emerging countries including China itself, have encountered various difficulties in their development course.

India's GDP growth rate has hit a record low of 5 percent, and Brazil's has fallen to 1 percent.

Shrinking demand from Western countries has brought an end to the super cycle of bulk commodities, leaving emerging economies with no alternative but conducting structural reform, curtailing excessive state intervention in economy, encouraging domestic consumption, empowering innovation, and confronting entrenched institutional interests.

There is no reason for any country to feel complacent, because global economic winners in the past decade may not maintain their position in the next decade.

The new round of comprehensive reform launched at the Third Plenary Session of the 18th CPC Central Committee will be of significance to other developing economies.

If everything goes well, China will enjoy modestly rapid growth in the future. According to estimates, China's imports will amount to $10 trillion and outbound investment to more than $500 billion within the next five years.

The most important thing for China is to improve its resilience and attach more importance to resolving social conundrums, the enlarged wealth gap included.

China should keep the general direction of marketization in economic development, and changes in the growth mode will trigger changes in social policies and governance.

Chinese leaders have demonstrated a renewed and bold commitment to the second "Deng Xiaoping" moment. Perhaps it is high time for Beijing to make a vital and much-needed change in its policy planning: looking into the inside more from the outside.

The author is a research fellow with the Charhar Institute and an adjunct fellow with the Center for International and Strategic Studies, Peking University. opinion@globaltimes.com.cn