"If I went out to a dinner party as a young man and people asked what I did, I'd say'I do business with China', and they would change the subject and talk about something else," he said. "But now, when I say I do business with China, they say 'There are several things I want to talk to you about'."

Meanwhile, China's trading links with the world have accelerated. If export growth in the '80s and '90s made China the world's factory, the situation changed in 2001 when China joined the World Trade Organization. Since then, the country has placed increasing emphasis on the quality rather than volume of its exports.

This year, Shanghai will host the inaugural China International Import Expo, symbolizing the nation's transition to a consumption-driven growth model. China is expected to import more than $10 trillion in goods and services over the next five years.

But the incredible story of China's trade growth is not just about bilateral trade flows. More importantly, the country is spearheading a grand vision of connectivity between Asia and Europe through the Belt and Road Initiative.

From 2014 until last year, the trade volume between China and countries involved in the initiative exceeded $4 trillion, and total investment exceeded $60 billion. Seventy-five economic and trade cooperation zones have been set up, creating more than 200,000 jobs for local people.

Perry said China's path of building a modern knowledge economy and further integration with the global market will be the natural next steps for the country's reform and opening-up process.

"Through the BRI, China will further be a part of the world, although it will not dominate the world, and I believe that's what Chinese leaders believe in," he said.