Abstract: Academic circles have reached a consensus that the profound changes unseen in a century refer to the rise of developing countries and the relative decline of developed countries in the international economic landscape. It should be noted from the perspective of long-wave theory that the changing trend of international economic landscape is confined to the evolution of the basic contradiction of global capital accumulation. First of all, since the 1970s, especially since 2008, developed countries have fallen into a long-wave downward period caused by falling profit rate and exhausting technological vitality. In response to the basic contradiction of capital accumulation, the neo-liberal regime has attempted to reverse the trend of falling profit rate through financialization and spatial fix, which has resulted in the gradual rise of developing countries and the relative decline of developed countries. Secondly,  China has risen rapidly since its accumulation regime integrated into the international division of labor system, which has slowed down the relative decline of developed countries temporarily, but in the long run the capitalist world economy cannot escape the changes in the pattern of value distribution. Given the uncertainties in the evolution of the profound changes unseen in a century, it is critical to promote profit realization and initiate innovation in major products so as to improve profit rate in China.

Key words: profound changes unseen in a century, long-wave, profit rate, capital accumulation