China’s Premier Li Keqiang is fond of saying that the biggest dividends for the economy will come from reforms. The Communist party has now fleshed out both parts of his favoured slogan, announcing a wide-ranging programme of reforms that analysts believe will pay dividends in the form of sustained, rapid economic growth over the next decade.

For the past five years an oft-heard criticism of the Chinese government was its unwillingness to implement necessary but difficult policy changes. With the blueprint for reform announced on Friday following an important party plenum, President Xi Jinping has in one fell swoop overturned that impression.

Even if many details are still lacking and implementation will be tricky, many believe Mr Xi’s administration is ready to get its hands dirty on long-delayed economic policies, from enforcing a property tax to opening state-controlled sectors to private capital.