As thousands gathered in Beijing to celebrate China's 65^th National Day on Wednesday, the world became witness to the impressive transformation of a once backward country into an Asian giant whose long list of achievements experts and international media say benefit the world.

Since the founding of the People's Republic of China (PRC) six and a half decades ago, China has seen rapid developments in terms of economic growth, diplomatic clout and cultural influence, and has become among the most important world powers.

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As world-renowned expert in China, David Shambaugh, puts it, the country that entered the international stage from the periphery was bound to eventually capture its attention. But the Asian giant did more than that.

According to U.S. undersecretary of state for political affairs, Wendy Sherman, China has positively contributed to securing world peace and political stability.

It has actively espoused fights against foreign terrorism and has been a significant player in the international community's efforts against the climate change and the Ebola outbreak in West Africa, China Daily reported.

As a permanent member of the United Nations Security Council, China has contributed to nuclear non-proliferation efforts and in the recent negotiations involving Iran's nuclear program.

The country has also secured diplomatic relations with 170 countries, including those with which it continues to be embroiled in regional border disputes.

Under the "One Belt, One Road" program, China seeks to build a network of railways and roads that seeks to contribute to the economies of its regional allies.

Other international initiatives earlier launched by Chinese leaders include "common destiny" and "new security concepts" policies that boosted cooperation between China and other countries.

In addition, China has been a significant contributor to G20, Asia-Pacific Economic Cooperation forum, and similar international cooperation mechanisms.

China surpassed Japan in 2010 and became the world's second largest economy. It is now the third largest foreign investor, contributing nearly one third to the world's economy.

Huffington Post attests to China's significant economic contributions to the world, while Frankfurter Allgemeine Zeitung, a German newspaper, praised the country's achievements in beefing up Asia's economic growth.

Speaking at the reception celebrating the founding anniversary of the PRC, President Xi Jinping attributed the country's success to the Chinese Communist Party.

"Sixty-five years is but a fleeting moment in the history of human development," he said. "Yet in this short space of 65 years, the Chinese people have made spectacular and Earth-shaking changes."

Tags65th National Day, Socialism