Deng Xiaoping’s actions capitulated China into an economic superpower that is regaining wealth and power that was lost to the West centuries before. With this new abundance of wealth, China will have some consequential decisions about where to invest the wealth.

In the midst of a global economic slump, China is looking to expand its domestic markets. Not only might this keep China’s economy competitive, but it might also shed China’s “factory of the world” moniker, emerging as the most sophisticated global consumer market.

Since joining the WTO in 2001, China’s role in the world has been under intense scrutiny. As China continues its unique path of development, it must strike compromises with the international community just as the international community must compromise with China.

Back in 2013, the Chinese government laid out a policy agenda that promised real reforms to an economy laden with debt and distorted by the influence of the country’s large state-owned enterprise (SOE) sector. But instead of seeing that agenda through, China chose to dodge the risks entailed by marketization, and has since reverted to what it knows best: state control over the economy and the semblance of stability that comes with it.

China’s is increasing the pace of integration into the global economy through an innovative approach on the island province. Its many inducements, including entry to the mainland, are expected to attract investment.

A resilient China has held up well against external stresses, and the economy continues to perform well. Rural and surburban areas have the greatest potential for economic growth.

When it comes to the way many in the U.S. view China, perception is far from reality. Irresponsible analysis can only mislead policymakers and harm bilateral trade relations.

China’s economic growth is expected to have slowed to just over 6% this year, and it is unlikely to accelerate anytime soon. In fact, economic commentators generally agree that China’s economic performance in 2019 – the worst in nearly 30 years – could be the best for at least a decade. What observers can’t seem to agree on is how worried China should be, or what policymakers can do to improve growth prospects.

New growth engines often evolve slower than the old growth drivers fade away, but they’re coming, even though the economy may linger at the low end for a while.

Further opening and reform of China’s financial sector is good news for foreign firms and even better news for China itself. Financial innovation will encourage economic growth and benefit companies and the public sector alike.