China's Epic Journey from Poverty to Prosperity

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China's all-round opening up promotes win-win cooperation. China will not close its doors in the face of spreading opposition to globalization; it will only open them wider. It will remain committed to its mutually beneficial opening-up policy and build an even more open economy, so as to provide other countries with more opportunities in markets, investment and growth. China is increasing the number of pilot free trade zones and accelerating work on the Hainan Free Trade Port.

It is steadily improving its business environment and providing foreign investors with larger markets. In 2020, China took 31st place among 190 economies in the World Bank's ease of doing business ranking, rising from 91st place in 2012. China has formulated high-standard policies to facilitate free trade and investment. It enacted the Foreign Investment Law, implemented pre-establishment national treatment, and expanded market access by reducing the number of items on the negative list. It received a new high of more than RMB1 trillion of FDI in 2020.

China is playing a more significant role in the dynamics of the international economy. It is the largest trading partner of more than 50 countries and regions, and one of the top three partners of over 120 in total. China's consistent and healthy economic growth has optimized its consumption structure and moved its consumer demand up market. With a supersized consumer market, its potential is increasingly apparent. Today, China's manufacturing and service industries are developing in parallel, and China's roles as "factory of the world" and as "market for the world" are mutually reinforcing. China is offering bigger markets, better cooperation opportunities, and greater development space to businesses from all over the world.

In achieving a moderately prosperous society, China has gained new experience of modernization for humanity. The global path to development is a rocky one. By building a moderately prosperous society in all respects, the CPC has opened a new and distinctive path to modernization suited to China's actual conditions, and created a new model for human progress. China's modernization－featuring common prosperity, balanced material and cultural progress, harmonious coexistence between humans and nature, and peaceful development－will be shared by a huge population.

China's experience offers a new option for those countries and peoples who are looking for both rapid growth and independence, and its success provides them with considerable opportunities for development. In the future, China will continue to embrace and interact with the rest of the world, adopt a more open and inclusive mindset, and contribute even more to building a global community of shared future and a better world.

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