At present, the international community does not have a clear definition of the concept of developing countries, which has caused China's developing country status to be questioned frequently. Whether it is the World Bank's WDI index or the UNDP's HDI index, China is still a developing country. However, China still faces four major challenges, including economic mass perspective, international influence perspective, technology development perspective and industrial policy perspective. In fact, this question is the reversal of the pendulum movement of the world economy in the post-globalization era, which is essentially a stress response to the international economic crisis. Therefore, as the world's largest developing country, China should continue to adhere to the multilateral trading system and participate in the discussion and formulation of international rules from a development perspective.