China's opening-up benefits itself and the world as well: Boao panelists

China shared its own path of development with the world and set an unprecedented example in opening-up and poverty alleviation over the past 40 years, said Gloria Macapagal Arroyo, former president of the Republic of the Philippines.

As China enters a new era, its influence is growing and it becomes the champion for openness and globalization, she said.

"China must further enhance reform and opening-up," said Arroyo, adding that new globalization will be East-orientated, rather than West-orientated.

To sustain China's economic development, economist Li Daokui suggested boosting the confidence of the "vital few", including entrepreneurs, scientific and innovative talent, and grassroots government officials.

"There are still nearly 1 billion people in China living under the middle income level," Li said, adding that income increases for these people will be crucial for the country's development.

Li said that Chinese people can reach the living standards of developed, European countries in 2048 or 2049.

He also said that many of China's prime indicators of development, including higher education, will occupy leading global positions by then.