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China has also become Spain's largest non-EU trading partner. Bilateral trade volumes rose from million in 1973 to a record .9 billion in 2017.

China has leapfrogged to become the world's largest steel producer. In 2017, China produced 832 million tons of steel, followed by 169 million tons in the European Union, 105 million tons in Japan, 101 million tons in India and 82 million tons in the US, according to the World Steel Association. Back in 1980, when the US produced 101 million tons of crude steel, China's output was 37 million tons.

China has been working to translate its growing economic might into real influence in the ways of having greater voices in global price-setting and making its currency play a bigger role on the global stage.

China could use more fiscal stimulus and allow for greater foreign exchange flexibility to minimize the negative impact on its economy if trade tension with the United States further escalates, the International Monetary Fund said on Thursday.

China has not hesitated to make it clear that it is not seeking global dominance, rejecting a zero-sum mentality between countries, especially between the United States and China. Cooperation is the only correct choice for both.