China

With its vast labor market, China has been a key player in the global economic landscape for decades. Since the late 1970s, China has achieved an average annual GDP growth rate of over 9%. Over the same period, more than 800 million people were lifted out of poverty, and enjoyed better access to health, education and employment opportunities.

In recent years, China has been furthering its presence in emerging and developing countries through initiatives like the Belt and Road Initiative (BRI). At the same time, it routinely ranks as the world’s second-largest FDI destination, following the United States. An upper-middle-income country, China is quickly progressing from a low-cost manufacturing economy to a high-value, innovation-driven economy. An aging population, trade and technological competition with the U.S., slowing growth and shifts in global supply chain dynamics are some of the challenges faced by China.