Jonathan Woetzel, McKinsey senior partner and director of the McKinsey Global Institute and Jeongmin Seong, senior fellow at the McKinsey Global Institute in Shanghai, together penned an insightful analysis in Project Syndicate on 9 July, 2019. It posits that -
"At a time when the risks of international engagement are more obvious than ever, China faces important questions about whether – and to what extent – it should continue to pursue opening up its economy to the rest of the world. At stake may be some $22-37 trillion in economic value – or 15-26% of world GDP – by 2040."
A lot depends on not only how successfully China liberalizes its services and financial markets, but also how well the rest of the world supports a global multilateral trading system, in particular, allowing technology to flow across boundaries relatively unimpeded.
On the latter count, there are genuine national security concerns with Huawei, China's 5G global tech giant, for example. It is instructive how France addresses this conundrum with a mixer of legislation, regulation, and high vigilance instead of an outright ban. Click here