China writing its book in its own way

"Crossing the river by feeling the stones" as former leader Deng Xiaoping put it metaphorically, is how China started implementing reform and opening-up in 1978. Reform began in a gradual, experimental manner, by first allowing farmers to farm their own land on long lease and build township-and village-level companies. The establishment of special economic zones followed, which helped build an export-oriented economy and attracted foreign capital. And the foreign companies that flocked to China with money and expertise helped its economic growth.

At the same time, China's development has also helped the rest of the world. For instance, after the 2008 global economic crisis, China led the world out of the downturn, with its growth sparking global recovery and helping Europe and North America to get back on track.

Thanks to reform and opening-up, China has transformed from a poor country into the world's largest manufacturing powerhouse and second-largest economy. It has lifted 800 million people out of poverty and is advancing toward its target of eradicating absolute poverty by 2020. Plus, its growing prosperity has created a huge market for the rest of the world.