Nation must seize fresh opportunities

Analysts believe the global economy is split between a developed-economy camp led by the US and an emerging-economy camp led by China. The interactions between the two camps happen in the markets during crises and in the rule-making scope after the crises.

Initiatives by the BRICS bloc, which comprises Brazil, Russia, India, China and South Africa, and the Transatlantic Trade and Investment Partnership proposed by the US are among the two camps' efforts to win initiatives in the rule-making realm after the crisis.

"China will directly face the pressure of international trade rule-making decisions next year. The country will face its 'second entry into the WTO' and decide how long it should, or is allowed to, keep its identity as a developing country," said Wu Pin, a researcher in international trade with the Ministry of Commerce

The three main focus areas of bilateral and multilateral talks on trade rules for China will be: market entry, rights and interests protection and fair competition, experts said.

Transnational corporations already play key roles in global supply chains and value chains, which determine industrial allocation and profit distribution across countries.

Wu said that China needs to develop its own transnational corporations to improve its position in both chains."Innovation-oriented technologies, brands and services should be developed as new core strengths of Chinese exports."

Huang Jinlao, a researcher at Huaxia Bank Co Ltd, stressed that the Chinese government needs to take more concrete action to deepen the market reforms of its financial sector, instead of only classifying its monetary policies as "proactive and prudent", which is confusing for industrial companies and banks.

"China's macroeconomic conditions are steadily improving, but the Chinese stock market is not doing well. This paradox cannot be explained by any economic theories, so one of these assessments must be false. The weird phenomenon of the yuan appreciating abroad, but depreciating at home, should remind decision-makers of how urgent the reform of China's financial industry is,"said Wang Dian, an economics researcher at the Chinese Academy of Governance.

New technological revolutions, led by 3D printing and developments in the shale-gas industry, will be seen from 2020 to 2030. And after missing the first two Industrial Revolutions, China must grab opportunities in these new fields, said Chen.