The year of 2018 marked the 40th anniversary of China’s “open door” policy that set in motion the economic transformation and globalization strategy of the past years.
In 2014, China became the world’s second largest foreign direct investment source and the world’s largest economy on a purchasing power parity basis. The country is now the world’s largest manufacturer, exporter and holder of foreign exchange reserves.
These factors made way for the implementation of the Belt and Road Initiative (一带一路), a trillion-dollars megaproject affecting 65 countries, 31% of the global GDP, and 62% of the world’s population, aiming at connecting Asia, Europe, the Middle East, and Africa through trade, investment and infrastructure.
Sources: World Bank Group, South China Morning Post