This year marks the 40th anniversary of China’s reforms and opening up. In four decades, China has learned how to grasp the benefits of globalisation and has become a world economic champion. As the world’s second-largest economy, today China is no longer the factory of the world but an industrial power aiming at the forefront of major high-tech sectors, in direct competition with Europe and the US. In sharp contrast with Trump’s scepticism on multilateralism, President Xi has renewed his commitment to growing an open global economy. But what does globalisation with Chinese characteristic look like? Is Beijing offering more risks or more opportunities to both mature and emerging economies? To what extent is China willing to comply with international rules and standards? Is Beijing trying to set its own global rules and institutions? Is the world destined to a new model of economic globalisation detached from political and cultural openness?

This year marks the 40th anniversary of China's reforms and opening up. In four decades, China has learned how to grasp the benefits of globalisation and has become a world economic champion. As the world's second-largest economy, today China is no longer the factory of the world but an industrial power aiming at the forefront of major high-tech sectors, in direct competition with Europe and the US. In sharp contrast with Trump's scepticism on multilateralism, President Xi has renewed his commitment to growing an open global economy. But what does globalisation with Chinese characteristic look like? Is Beijing offering more risks or more opportunities to both mature and emerging economies? To what extent is China willing to comply with international rules and standards? Is Beijing trying to set its own global rules and institutions? Is the world destined to a new model of economic globalisation detached from political and cultural openness?

China has achieved remarkable, sustained economic growth under the policies of ‘reform and opening up’ put into place since the late 1970s. China’s industrial policies have nurtured a large group of firms with high profits and a high market capitalisation. However, few people in the West can name a single Chinese firm. During the modern era of capitalist globalisation firms from the high income countries have spread their business systems across the world. This has presented a profound challenge for industrial policy in developing countries, including even China, the world’s second largest economy. China is unique among large latecomer developing countries in having reached the position of being a huge, fast-growing economy, with a tremendous impact on the rest of the world, but lacking a substantial group of globally competitive firms. This volume explores this paradox. Fully understanding the industrial policy challenge that the era of capitalist globalisation has produced for China is essential for harmonious international relations.

China's Belt and Road Initiative has become the organizing foreign policy concept of the Xi Jinping era. The 21st-century version of the Silk Road will take shape around a vast network of transportation, energy, and telecommunication infrastructure linking Europe and Africa to Asia. Drawing from the work of Chinese official and analytic communities, China's Eurasian Century? Political and Strategic Implications of the Belt and Road Initiative examines the concept's origins, drivers, and various component parts, as well as China's domestic and international objectives. Nadáege Rolland shows how the Belt and Road Initiative reflects Beijing's desire to shape Eurasia according to its own worldview and unique characteristics. More than a list of revamped infrastructure projects, the initiative is a grand strategy that serves China's vision for itself as the preponderant power in Eurasia and a global power second to none.

This text tells the story of China's emergence as a major economic power and the impact this will have on world business. It is an executive summary of the opportunities for business in one of the largest markets in the world.

As economic power diffuses across more countries and China becomes more dependent on the world economy, Chinese leaders are being forced to abandon their largely passive approach to global governance. This report analyzes China’s interests and behavior to evaluate both the recent history of its interactions with the postwar international order and possible future trajectories. It also draws implications from that analysis for future U.S. policy.