Editor's note: The article is based on an interview with Liu Baocheng, a professor at the University of International Business and Economics. The article reflects the author's opinions, and not necessarily the views of CGTN.

This year marks the 40th anniversary of China's reform and opening-up. Four decades after the momentous policy shift, the whole world is witnessing the economic success of the Chinese model.

In an interview with CGTN's Global Watch, Liu Baocheng, a professor at the University of International Business and Economics, applauded China's achievements in the past forty years. "People are having hopes," Liu responded when asked about the most notable accomplishment of the reform and opening-up policy.

"Chinese people are hardworking and very pragmatic. When they have hope, they can work for years in the cities to earn a better income for their families," Liu added.

Liu noted that in the past four decades, China has picked the right partners. "By working with both developed and underdeveloped countries, we are able to participate in the global value chain. We are there to contribute and in the meantime, we benefit a great deal."

While recognizing China's achievements, Liu pointed out the tricky problem the country currently faces - is China going for efficiency and economic growth, or for equity and sustainable growth.

China is moving into a very difficult time that requires more wisdom, and the country needs re-engineering and a new architecture to move forward, according to Liu.

The professor noted that five principles should be followed to continue the process of reform and opening up. "The number one principle is that people will have to be distributed equally," Liu said, adding that there should be less differentiation between urban and rural people, and between state-owned, private and foreign firms. This, Liu believed, is the foundation for China's open-door policy.

Citing developmental gaps between rural regions and first-tier metropolitans, Liu suggested that the Chinese government should also roll out an "even development" program across the country. China will have to change its early-harvest approach into a more structured and balanced one, according to the professor.

Thirdly, China needs to consider more about the quality of life by providing better environmental protection, instead of simply going for the GDP, Liu said.

Liu also talked about the importance of anti-corruption campaign in carrying forward the reform and opening-up policy. The professor admitted that despite outstanding achievements in the past few years, the root cause of corruption has not been eliminated yet.

"Only when we have a clean and friendly government, will we be able to live a better life and to better engage with the rest of the world," Liu told CGTN.

The professor shed a great deal of light on the significance of the rule of law, which, according to him, is "ultimately important for China to be more transparent and for people to be able to predict what is lying in their future."

"If we can really move forward in the right direction, we will be a great nation," Liu stressed.

(If you want to contribute and have specific expertise, contact us at opinions@cgtn.com.)