On its 65^th founding anniversary, a more confident People's Republic of China (PRC) emerged and gave more emphasis on reform in a bid to tackle the economic problems that still hound the nation.

In the last 65 years, China has succeeded in increasing its social productivity and strength, eventually rising to become the second-largest economy and the biggest trader in the world. However, it still needs to address important issues such as its yet-unbalanced development and income gap, according to Xinhuanet.

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China has crossed the boundary between poverty and moderate lifestyle. It has also successfully used socialism to achieve success and establish an institutional system, the report added.

With its rich culture and civilization, China has found its own path to development instead of following the model of development of other nations. Under the banner of the Communist Party of China (CPC), the country has made significant achievements in the past 65 years in terms of reforms and sustainable development.

As PRC celebrates its 65^th founding anniversary, China continues to face the challenge of balancing its development, which is still uncoordinated. It also needs to close the income gap between the urban and rural residents.

China needs to open up more are implement more reforms if it wants to solve those problems, the report said.

The nation has been aggressive in gradually changing its economic structure, pushing financial reforms, revising educational and registration systems, and improving its medical system.  In addition, the CPC has launched a widespread crackdown on corruption, zeroing in on government officials who enrich themselves using the country's assets.

At the end of September, the Political Bureau of the CPC Central Committee announced a fourth plenary session to be attended by the CPC 18^th Central Committee. The latter will talk about rule of law from October 20 to 23.

The fourth session marks the first time that the CPC Central Committee's discussion will focus on rule of law. The topic should be discussed if China wants to achieve prosperity and implement comprehensive reform.

The PRC's 65^th founding anniversary signalled a new beginning for a lot of reform and expansion of socialism for China.

TagsPRC 65th anniversary, reform, Socialism, Development