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Apart from strong GDP growth, China has also maintained a current account surplus, abundant forex reserves, sound fiscal conditions and stable financial systems, all helping support its currency.

Another factor contributing to China’s achievements has been opening-up, which has helped China to leverage its comparative advantages and raise its competitiveness and development level by integrating it into the global division of labor and industrial and value chains. In this process, we have also endured huge pressure, paid a high price, and experienced growing pains. Some obligations China assumed upon WTO accession far exceeded what was required of a developing country and even approached the level of a developed member. For example, China undertook to cut tariffs for agricultural products to around 15%, only one quarter of the world’s average level and lower than that of many advanced economies. Some industries in China were inevitably affected in the open marketplace, leading to bankruptcies and lay-offs. In some sectors, domestic brands came to be outnumbered by foreign ones, such as in passenger vehicles.

Another important impetus to growth will be Asian countries' willingness to embrace technology and cultivate innovation, as part of their broader push to advance economic restructuring, said Zhou Wenzhong, former secretary general of the 2018 Boao Forum for Asia.

Another breakthrough in the rule of law in recent years was the adoption of the country's first Supervision Law in March 2018 — and the establishment of supervisory commissions across the country — which improved the country's supervisory system and intensified the fight against corruption.

Another factor triggering the speeded-up capacity expansion is the domestic regulation threshold of 8 gWh annual capacity, which was set by the Ministry of Industry and Information Technology in November 2016, according to sources who declined to be named.