ABSTRACT
China has had one of the most splendid civilizations in the world since before the modern times. The rejuvenation of China has been the dream of Chinese people in the last centuries. The realization of such a dream was unthinkable until it transitioned from a planned to a market economy in 1978. China possessed the advantage of backwardness long before the transition began in 1979. The socialist government won the revolution in 1949, and started modernizing earnestly in 1953. The global governance today was basically shaped after World War II. At that time, the high-income countries contributed more than two-third of global Gross domestic product (GDP); at present, the emerging market economy has already contributed about 50% of global GDP. With the increase of economic weight and influence in the world, China proposed the Belt and Road Initiative (BRI) in 2013. The response to China’s BRI has been positive from most countries in the world.
