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China needs to maintain dynamic economic growth, keep opening-up

Photo: VCG

The global economic landscape is undergoing major changes. The growth rates of traditional major economies seem to decelerate, while emerging market economies, especially China and India, rise rapidly. In 2000, China’s share of global GDP was 6.9 percent, and in 2018, it accounted for 16.8 percent.

What are the reasons for the rapid economic growth of emerging economies like China? Developed economies need to invent and create new technologies to upgrade their industrial structure. Emerging economic markets have the advantage of being latecomers and can also benefit from globalization. Globalization allows emerging markets to have enough markets to leverage their competitive advantages. In a changing global landscape, of course, the biggest loser from a psychological point of view is the US, because throughout the last century, the US has always been the largest economy in the world.

China overtook the US to become the…

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