Since launching its reform and opening-up drive in 1978, China has transformed itself from a minor player in the global economic arena into the world's second-largest economy, biggest trader in goods and top manufacturing powerhouse. The nation's economic and financial reforms and development run full steam ahead despite twists and turns. Over the past four decades, China has blazed an extraordinary path of reform and opening up, accumulating a wealth of experience. Taking stock of knowledge gained and lessons learned is not only vital to the nation's further economic and financial reforms and development, but is also of great practical significance to other developing countries as points of reference inspiring similar endeavors. This book places the Chinese economy in a global perspective. In addition to reviewing and comparing the achievements of China's economic and financial reforms and development, it also explores China's evolving role in the world economy and its global impact.