China’s progress since Deng Xiaoping’s 1978 reforms has been a subject of global admiration and study. Its hallmark has been rapid economic, commercial, technological, and military development. Economically, China’s GDP, now around $18 trillion, ranks second globally, trailing only the United States at $29 trillion. Together, these economies account for roughly 43% of global GDP, based on 2024 estimates.

Economic growth, however, means little without social improvements. Here, China has been pivotal in achieving the UN Millennium Development Goals, which would have remained mere aspirations without the “Chinese miracle.” By lifting approximately 800 million people out of poverty, China has achieved an unprecedented feat in human history, according to international experts. This success stems from sweeping reforms, liberalization, integration into global trade, the global expansion of Chinese companies, and China’s role as a driver of global economic development. The world has benefited immensely from trade with China and its economic rise.

China’s advancements are multifaceted, often leaving global observers in awe, sometimes skeptical. Examples include over 40,000 kilometers of high-speed rail connecting major cities, with videos of travelers zipping from Beijing to Shanghai or even Hong Kong. Superhighways, towering skyscrapers, port developments, mega-airports, and special economic zones have been widely showcased on social media and in the press, highlighting the achievements of the great “Chinese empire.” Other milestones include a successful space program with lunar missions and the Belt and Road Initiative, investing nearly $2 trillion in infrastructure across dozens of countries. The list of China’s accomplishments is staggering.

It’s impossible to detail all of China’s global structural advancements in this column. Yet, it’s clear that much of China’s development hasn’t occurred in isolation. Its integration into the global economy has made it a central player in a tightly interconnected system, serving as the “world’s factory” not only for local industries but also for multinational corporations from developed nations. This reality challenges 20th-century economic frameworks focused solely on production growth, trade balances, or per capita income. Today’s global economy, with capital flowing freely and global value chains employing thousands across multiple countries for a single product, demands new analytical lenses.

Reading China’s report on its stance in the U.S.-China trade war, I’ve reflected on how U.S. grievances rarely address issues like trade in services or the role of foreign direct investment in China’s economic growth and its trade surplus. Thousands of global companies have invested in China, not just to tap its massive domestic market but to export Chinese-made goods worldwide. While precise calculations are challenging, studies suggest foreign capital contributes 25-30% to China’s exports.

This underscores the need for new perspectives to analyze the global economy. It also seems critical for China to reconsider its self-description as a “developing country,” as stated in the report’s preface. How can this label hold for a global powerhouse with a permanent UN Security Council seat, the world’s second-largest economy, lunar missions, and one of the largest, most modern militaries? This designation made sense 25 years ago, but China’s continued self-identification as a developing nation while projecting itself as a global superpower seems inconsistent.

For years, this contradiction has fueled suspicions and eroded trust in China’s relations with the United States and other trade partners. It’s time for China to embrace its role as the great power it is. To do so, it must decide whether to present itself as a global superpower or as part of the Global South. As the saying goes, “You can’t be at mass and in the procession.” If China assumes its rightful role as a developed nation, it will likely stand a better chance of securing the “deal among equals” it seeks with the United States.