Certain arrogant Westerners continue to ignore China’s rise and make negative predictions about China. Martin Jacques, a visiting fellow at the London School of Economics, wrote in an article recently published on the U.K.-based Observer newspaper. Based on abundant and accurate data, Jacques concluded that the Chinese economy still enjoys bright prospects.
China’s share of world economic output has risen from 2 percent to 10 percent over the past 30 years since the reform and opening-up, and the country has become the world’s second largest economy. The country’s annual foreign trade volume has surged from 500 billion U.S. dollars to 3.6 trillion U.S. dollars in merely 10 years since its accession to the World Trade Organization. As the world’s largest exporter, China has 1.5 trillion U.S. dollars of overseas assets and 18,000 enterprises abroad.