Taking a look at modern China

China is going through a period of massive change and it is a major actor in the world markets.

- PIA ROCES MORATO

With its rapidly growing economy, China is the world's most populous country with 1.3 billion people. Ever since China opened up its economy in 1978, it has had an average GDP growth of nine percent per year.

Over time, China simply keeps changing and as Ambassador Huang Xilian said during the 13th Manila Forum for Philippines-China relations and annual Christmas media party at the Shangri-La Hotel Makati on Dec. 11, Wednesday evening, China never stops moving forward and the "New China" is "Your China." China's strong growth can be seen in the approaches it has taken on investment and export-oriented manufacturing. In terms of poverty reduction, China has managed to lift 800 million people out of it. While there are challenges moving forward, China remains determined to find new drivers for growth through evolving perspectives on sustainable development.

China's growing economy is a very important source of global demand and innovation is now its new engine of growth. Significantly increasing its capacity for research and development, China has emerged as a major driver for global innovation, considering that some regions are lagging behind due to insufficient budgets or lack of infrastructure that affect productivity and competitiveness in the ever-changing market economy.