| Summary/Abstract |
This paper comprehensively reviews China's openness since 1978 from three aspects: trade, foreign investment and global production sharing. We point out that the economic development of China is now standing at a historic turning point. Specifically, economic changes in China are discussed from four dimensions: (i) from China being a world assembly line to a world manufacturing powerhouse; (ii) from China being a world capital receiver to a world investor; (iii) from China being a world factory to a world market; and (iv) from the situation of “made in China” to “innovated in China.” At the same time, the global economic system has also reached a turning point. A “North America–Europe–Asia” tri‐polar system has formed, in which the USA, Germany and China, respectively, serve as the regional core economies.
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