Firsthand witness

Over the years, both business and personal ties have taken him to China again and again. He has been a firsthand witness to China's changes over the past 40 years.

When Foster first visited the country in 1979, he said it was like going to a sealed-off world - a country frozen in its past.

"Today, China does not even come close to resembling what it used to be 40 years ago," he said. "Today, China is ultramodern in so many ways - it has not only developed its economy but also has built impressive up-to-date infrastructure. We have to give Deng credit for his flexibility over dogma to do it."

Foster sees China's achievements as not just limited to the economy. China could barely compete in the Olympic Games 40 years ago. Today, the country's athletes are competitive in a variety of sports and make news in the arenas.

In culture and the arts, China has also made great strides. Foster cited movies as an example. This year's domestic box-office revenues are expected to surpass those in the US, a big change from his first visit, when the country had only a handful of movie theaters.

China's success should be emulated by other developing countries, Foster said.

"Granted, other countries will have their own cultural heritage and may keep a multiparty system, but any developing country would be impressed by what China has done in the past 40 years, impressed by the fact China was able to develop flexible economic plans irrespective of political dogma," he said.

President Xi Jinping has said China is entering a new era of openness, which will take the country's development to the next level. Foster said he believes that while it may be impossible to achieve rates of economic growth equal to the past 20 years, future changes could be just as transformational.

"China has a great advantage because it can both plan and implement long-range strategy in a much more predictable way than the US," he said. "China does a great job planning and looking ahead. We have a system we would not trade, but the downside is that the politics often prevents US leaders from looking beyond two-week news cycles."

China's system provides a predictable platform to continue its remarkable development, he said.