--Zhang Youwen, the Institute of World Economics, Shanghai Academy of Social Sciences

Abstract

One of the main missions of the "Chinese Dream" is to create an economic power. Looking back through history, the path China has embarked on is a path of building a great country with Chinese characteristics. This path is meant to shatter the seemingly unbreakable pattern of one power replacing another in the world. China will have more responsibility in world affairs while fostering a relationship between world powers that will in turn benefit the whole world.

First, the socialist market economy is the proper foundation for building a great power in China as economic development is the proper path for strengthening a nation. Since the founding of the Communist Party of China 90 years ago, China has embarked on a road to find the most suitable way for the country's development. After the Reform and Opening Program was initiated, China has created a system of development featuring aspects of a market economy fit within a Chinese social context. Under this system, the path China is taking is the product of the designs of the central government and the initiative steps taken by local governments. With continued social and economic development, China now needs to improve its guidelines and philosophies on sustainable development. The constantly evolving development guidelines and policies implemented by different administrations have ensured continuous progress in regards to strengthening the nation. As well, the social system in place in China has laid a solid foundation for the creation of an economic power.

Second, the decision to open up, aimed at tapping into the historical opportunities brought about by globalization, is a basic state policy for China to grow as a great power. The core of the opening-up policy is to seize the historical opportunities that have come along with economic globalization in order to become part of the international value chain while shaping a development model, through which factors of production are flowing into China. The opening-up process has also optimized China's domestic institutional system and adapted it to international environments. Since China has come to exert considerable influence on the world scale through its economic achievements, it has brought forward an inclusive development strategy that aims to ensure harmonious relations and win-win outcomes for all other nations.

Third, participating in the process of international economic coordination and global governance is an international obligation for China if it wants to achieve the status of great power. Since the global financial crisis, China has been actively coordinating international efforts and promoting balanced development in the world economy, thus showcasing China's sense of responsibility as a major world power. The slogan of "Peace, Development & Win-Win Cooperation" championed by China is a reflection of China's positive role on the international stage. The new administration has now brought forward an upgraded economic reform plan which will further reshape the domestic institutional system to adapt to new developments in economic globalization and ensure harmonious relations and win-win outcomes for nations across the globe.

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