The economic transformation that has taken place in China since the late 1970s is now regarded as one of the most 1. social changes in human history. Within just three 2. , China has succeeded in 3. itself from a centrally-planned closed economy into one of the world’s most dynamic and globally-integrated market economies. The dynamics unleashed by Deng Xiaoping’s reforms, open-door policies and institutional changes have 4. enormous energy and pushed continuous capital accumulation, 5. gains and trade and income growth on a scale the world has never seen before. The 6. high rates of economic growth that resulted have 7. altered the Chinese economy and its position in the world. China is likely to become the largest economy in the world by 2030. China’s rise as a global economic powerhouse will bear increasing responsibilities in a range of global affairs — whether it wants those responsibilities or not. China will thus be expected, and will surely find it desirable, to 8. positively to global stability, progress and prosperity through 9. with other players in the global system. High on the agenda for China ’ s strategies are reducing global imbalances, reforming the financial system, pushing forward with multilateral trade negotiations under the World Trade Organisation(WTO), facing the challenges of climate change and fighting 10. poverty.