ABSTRACT
Since 1978, China has adhered to the basic state policy of “carrying out domestic reforms and opening to the outside world”. Reform and opening up complement and promote each other. The Party has firmly promoted reforms in the country’s economic, political, cultural, social, and ecological systems, as well as in the system of Party building. China’s opening up has also been promoted continuously, and the achievements have drawn the attention of the world. During the years from 1978 to 2017, China’s GDP increased from RMB 367.8 billion to RMB 82.7 trillion, an increase of 225 times, firmly occupying the position as the second largest economy in the world; its per-capita GDP increased from RMB 385 to RMB 59,500, an increase of 155 times, entering the ranks of middle-income countries; its total foreign trade increased from US$20.6 billion to US$4.12 trillion, a 200-fold increase, becoming the world’s largest exporter; its foreign exchange reserves (forex reserves) increased from US$167 million to US$3.14 trillion, putting China at the top of the list of forex reserve holders worldwide.
