The spontaneous applause that arose when Wang Qishan, the country's chief graft buster, appeared in front of the ballot box showed the high expectations placed on the fight against corruption.

China now has a fiercely effective group of elites running the country with an unprecedented ability to cut through red tape and enact policy rapidly. For better or worse, their vision for the future will be put in place more rapidly and efficiently than before, and this could mean many years of efficient and coherent governing ahead.

China’s National People’s Congress was held last week, with few surprises. Most of the reforms laid out are extensions of existing or previously announced policies, including supply-side structural reform, reduced barriers to foreign investment, promotion of innovation, and enhanced military spending. Dominating the congress, however, was a proceeding not contained in the work report: the removal of term limits from the nation’s constitution.

Centralised authority and power are absolutely essential for overcoming the opposition of the local governments and the private moneyed interests and pushing forward the economic reform agenda in China.

China watchers were looking for signals of economic reform at the recent Central Committee meeting. The meeting introduced relevant amendments to China’s Constitution, the first since 2004. Alicia Garcia Herrero analyzes the possible impact of these amendments on China’s economic reform process.

Prudence needs to be exercised, and more dialogue and cooperation is the best strategy.

China’s ruling Communist Party on Sunday set the stage for President Xi Jinping to stay in office indefinitely, with a proposal to remove a constitutional clause limiting presidential service to just two terms in office.

It’s a huge challenge and a great responsibility for policy makers and strategists on both sides to continue their predecessors’ efforts and halt any deterioration in this most important and consequential relationship in the world today.

Xi’s report to the 19th Party Congress outlined promising opportunities for China to play ever greater constructive and positive roles for the world. However, making those contributions will not be without challenges, and the manner and motives behind such efforts will always be under scrutiny.

If effective policy measures can't be taken to contain it, the risks to the world economy caused by the escalation of protectionism could severely disturb the world in 2018.