Welcome to the third edition of the IFF China Report, which marks the 40th anniversary of China's economic reform and opening up programme, and the fifth anniversary of President Xi Jinping’s visionary “One Belt, One Road” speech - the Belt and Road Initiative (BRI) is a major focus of this report. The publication of this report comes at a time of major friction in the world economy. The traditional standard-bearer for globalisation, the US, is embarking on more protectionist policies under the leadership of its populist president, Donald Trump. In Europe, meanwhile, challenges are arising, particularly following the decision by the United Kingdom to leave the European Union, which could lead to European countries adopting a more inward-looking approach - at least in the short term.