China to further open up for global changes

The world today faces profound changes unseen in a century, including in its economy.

First of all, the rapid development of multi-polarization and economic globalization over the past several decades has brought about major changes in the balance of economic power. These changes are characterized by the rise of new powers in the East and the fall of old ones in the West, with the overall strength of developing countries and emerging economies rising considerably.

According to the World Bank, the global share of China's GDP in 2018 was 15.9 percent, while the United States accounted for 23.88 percent. This means that China has reached 60 percent of US GDP, the red line America has set for its challengers. Although GDP does not tell everything, it is indeed a hard indicator. Thanks to globalization and their own hard work, China and other developing countries have become an important part of the global production chain, and they are forming the world's big market and a community of economic interest.