China matters as never before. It is now the second largest economy in the world—and the largest in purchasing power parity. Even at half its historical economic growth rate, it contributes nearly one-third to global growth. In addition, its global export share amounts to about 15 percent, and more than 120 countries count China as their largest trading partner (Figures 1.1 and 1.2) (Ministry of Commerce 2014).

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