By historical standards, China’s rapid economic progress since 1980 has been nothing short of a miracle. No economy in history has grown at double digit growth rates for nearly three consecutive decades. China’s meteoric rise in the past 70 years is a classic example of the impact of opening up an economy to global markets. This growth experience is unique and gave further credence to the paradigm of export-led growth. China is now the world’s leading exporter of goods ranging from textiles to smartphones, with $2.3 trillion of exports in 2018.