Last November's Third Plenum of the 18th CPC Central Committee strongly signaled the Chinese leadership's determination to embark upon a new wave of comprehensive reforms in China. The Plenum's key decisions, such as assigning the market a decisive role in allocating resources and the establishment of several new bodies to help ensure better coordination across the Chinese system, suggest China is keen to increase its integration with the outside world.

As leaders in both the United States and China have expressed their commitment to building "A New Type of Major Country Relations," it's crucial to understand how the future of China's reforms will bring important opportunities to the bilateral relationship.

Christopher K. Johnson of the Center for Strategic and International Studies joins Asia Society Texas Center to discuss how China's reform package will affect U.S.–China relations going forward.