"The next phase in China’s economic development involves a complicated transition in the Chinese economy and society. Success would see China become the largest economy in the world.
These ambitions are important to the welfare of the people of China. But they are also critically important to the welfare of the global community. China is already central to global economic welfare and opportunity. It accounts for a large proportion of global economic growth. It is the world’s largest trading nation. It is the world’s second-biggest economy. It is the world’s biggest supplier of manufactured goods. It is the world’s biggest consumer of energy and a large range of industrial raw materials. China’s economic activity impacts on every aspect of global economic life.
China can therefore be confident that the rest of the world wants China to succeed in its ambition for economic development, both because of what it will do for the welfare of the Chinese people and the opportunities it will deliver to people all around the world. We are also all interested in how China manages the next phase of its development. Can China achieve its goal of becoming an advanced, socialist, democratic state by the middle of the century, 100 years after the founding of the People’s Republic in 1949?
Many believe it can be done. There is no technical impediment to success. The question is how the transition will be managed, both economically and politically."
