At a time when the risks of international engagement are more obvious than ever, China faces important questions about whether – and to what extent – it should continue to pursue opening up its economy to the rest of the world. At stake may be some $22-37 trillion in economic value – or 15-26% of world GDP – by 2040.
SHANGHAI – Over nearly 40 years of economic reform, China has reaped extraordinary rewards from opening up to the world. Integration into the global economy – albeit a supporting element of the country’s broader historic turn to the market mechanism – has enabled millions of China’s citizens to escape poverty, while transforming China into the world’s largest economy in purchasing power parity terms. And the potential of such engagement is far from depleted, our new research shows.
SHANGHAI – Over nearly 40 years of economic reform, China has reaped extraordinary rewards from opening up to the world. Integration into the global economy – albeit a supporting element of the country’s broader historic turn to the market mechanism – has enabled millions of China’s citizens to escape poverty, while transforming China into the world’s largest economy in purchasing power parity terms. And the potential of such engagement is far from depleted, our new research shows.