Seminar paper from the year 2016 in the subject Economics - International Economic Relations, grade: 1,7, University of Applied Sciences Zwickau, language: English, abstract: After years of economic stagnation and misgovernment during the entire Mao era, China finally made its first steps, in the late 1970s, to a better economic development. Deng Xiao Pings economic reforms and Chinas opening to the rest of the world, enhanced China into a Game changer and economic super power within the last 30 years. To understand and comprehend the enormous economic, cultural and political development, which China went through in such a rapid time, this paper points out the major factors and driving force behind it. Also it elucidates future developments and major projects which will have a great effect on Chinas economy.In the following pages, we will head to the major issues which China had to face and still faces today. First of all, the entry of China into the World Trade Organization and its long way till there. Which effects did this great step have for the Chinese economic growth and what are the future prognosis? How did the whole process take place and which threats is it still facing? Which benefits were achieved and which developments did they go through? How was China integrated in to the Coalition and what is the role allocation? And off course the Chinese Currency and its development will be looked at. All these significant subjects will be discussed profound and step by step in the next pages. The aim is to get a broad overview over the backgrounds of the opening of the Dragon and also its impact on world economy. Interesting details and apposite illustrations, will make this rather multifaceted topic intelligible and comprehensible.