At the present moment, China is the second-largest economy in the world. The country stimulates global growth and economic development with its growing GDP. While the US and some part of Europe take a protectionist policy, China insists on globalization. Free trade and open markets are of utmost importance to the prosperity of the country. To the western economies, China offers new markets and investments as well as a tough competition. Many industries in the west cannot stand the gigantic flow of products from Asia that makes imports cheaper than domestic production.
The splendid economic performance of China generated from the wise political leadership. Deng Xiaoping, the former communist leader of the country, adopted market economy in 1978, which laid the beginning for China becoming an economic superpower. Zhu Rongji, the former Chinese Premier, led the way of the country into WTO. The further transition of China to the one-party system stimulated its economic expansion. The policy of current President Xi Jinping brought flexible and innovative standards that promote globalization, export, and the flow of foreign investment into the country.
Despite a remarkable economic growth, China recently entered the renewable energy market and is developing fast in this sector. Chinese authorities stick to their emission targets drawn under the Paris Agreement. Over the past decade, the country invested about $100 billion in renewable energy production which is the largest investment in clean energy among all countries so far. Though China remains to be the second-greatest economic power in the world, its expansion is indeed miraculous.