An education reform initiative that the Politburo, the top decision-making body of the Communist Party of China, approved on Monday will go a long way in ensuring social progress in the coming years.

By pledging to increase public expenditure on education and promote fair distribution of educational resources, the Medium- and Long-term National Educational Reform and Development Plan (2010-20) has laid a solid foundation for China to develop into a powerhouse of human capital.

The huge demographic dividend that the nation enjoys has contributed mightily to making the Chinese economy stronger over the past three decades. However, its rapidly aging population means China will no longer be able to rely on ample supply of cheap young labor for economic growth.