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China overtakes US as world’s richest nation

China has beat the U.S. to become the world’s richest nation, according to a recent report from McKinsey & Company, a management consultancy firm. Its global net worth soared from $156 million in 2000 to $514 trillion in 2020, making the world wealthier than it was at any point in history.

The economic rise is thought to have accelerated after China became a member of the World Trade Organization (WTO), an intergovernmental organization that regulates trade between nations. Countries can benefit from such membership as the WTO aids nations in establishing the rules of international trade and enforcing them in developing markets.

What do you think about this recent development? Do you think that this will open up more economic opportunities for those working with Chinese clients and Chinese-owned businesses?

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