China is now rising to become a strong force in global outbound investments. China's direct overseas investment reached $68.8 billion in 2010, accounting for 5.2 percent of global capital flows that year. In the meantime, Chinese enterprises operating overseas employed nearly 800,000 locals and paid over $10 billion in taxes each year.

As one of the earliest Chinese enterprises into the African market, China Non-Ferrous Metals Mining Corp. (CNMC) has set up the Zambia-China Economic and Trade Cooperation Zone as a transnational cooperation platform, integrating production, trade and service on the African continent. It also developed Chambishi Copper Smelter, the largest copper smelter that China has invested overseas.

While they strive for greater returns from overseas, Chinese firms have also honored their social responsibilities. For instance, in Zambia, CNMC provided over 11,500 job opportunities to locals, and paid over $85 million in taxes. The company also strives to improve the lives of locals and has invested about $100 million to develop infrastructure.

"China's trade-driven growth also had a trickle-down effect in other developing nations. The high domestic consumption has led to a significant increase in demand for natural resources, and conversely benefited resource rich developing nations," said Yumkella.

He added that China's efficient production system has also led to the global availability of a wide array of consumer goods at affordable prices. This in turn has led to an indirect increase in purchasing power of consumers in developing countries, and has had an impact of poverty-reduction.

The key to recovery

China's deeper integration into the world economy also presents challenges, which are likely to increase uncertainty over future economic development.

The world economic recovery from the financial crisis was shadowed by various factors, such as the bogged-down Doha Round negotiations, the rising trade and investment protectionism, and the tendency of politicizing trade frictions.

Song Heping, Commissioner of the Bureau of Fair Trade for Imports and Exports of MOFCOM, said that the scope for trade friction increases as China has become deeply integrated into the global manufacturing industry. There is no question that its WTO membership has generated tremendous benefits for China, but these benefits do not come without risks.

In fact, while the financial crisis swept the globe and many countries were forced to tighten up on imports, China already eased some of the pressure on the world economy by posting a 2.8-percent rise of imports, making it the only country to produce such an increase.

While admitting that China is dealing with challenges, including resources restrictions and rising labor costs, the country's Commerce Minister Chen Deming believes that China has still maintained prominent advantages in the investment environment for the foreseeable future.

"China will continue to open up to the rest of the world," added Chen.