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?
Being able to understand and speak even just a few lines of the other person's native language will help you develop good rapport with people. If you would like to step-up your career or simply want to make new connections, our beginner Chinese language course can help you fast-track your communication skills. Click here for details.