Hu Jintao was extremely risk-averse and largely preoccupied with maintaining domestic economic growth. Yet China's foreign policy had not been equally dynamic. By the end of June 2014 Chinese foreign exchange reserves had swelled to almost US$4 trillion at the end of 2001, before China joined the WTO, they had stood at US$212 billion. Above all, Chinese membership of the World Trade Organization (WTO) from December 2001 had inaugurated a phase of unbelievable growth that exceeded all expectations, inside as well as outside the country. When Hu Jintao stepped down as general secretary of the Chinese Communist Party (CCP) in November 2012 and as state president in March 2013, China's place in the world had been transformed after his ten years in office. For that reason the risks are as great as the ambition. However, success will require active and enthusiastic cooperation from many neighbours. They should strengthen links with Europe, as well as with other countries along the routes, to counterbalance potentially conflictual relations with the US. In geopolitical terms, they will expand China's shadow over regions of the world where hitherto its presence has been relatively modest. They aim to promote development of western China, but if successful, they should also help to transform economic relations across large parts of Eurasia.
While China has pursued a more robust policy in the South China Sea, it has also launched two extremely ambitious long-term projects to expand land and maritime transport links between China and Europe, termed the ‘one belt, one road’ initiative. In foreign policy, the leadership has become more active. Its main emphasis is on making China ‘strong and powerful’ again. Yet it has also sought to differentiate the socialist China dream from any resemblance to the American dream. Domestically the regime has actively promoted the idea of the ‘China dream’ to restore optimism and enthusiasm about its future, particularly among young people. China's domestic politics and foreign policy have evolved considerably under President Xi Jinping.
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