The unique achievements of China during the last forty years of reforms have focused the attention of researchers on the phenomenon of the Chinese economy. China is gradually becoming not only the world's largest producer of goods, the most important exporter and importer of capital, but also a source of global economic growth. Further prospects of economic development of this country attract the attention of experts and determine the relevance of the study. The study was conducted by the authors to study the dynamics of development and the current state of the national economy of China; to assess the growth rate of the high-tech sector of the economy; to consider the features of foreign trade relations, in particular, the implementation of the project "One belt, one road", investment cooperation; to determine the role of China in the world economy. The authors consider the key economic indicators and the vector of their development, characterized the transition of China to a new economic cycle and confirmed its relationship with the proposed new model of globalization by the Chinese government. The materials of the study may be of interest to a wide range of readers, representatives of both business and scientific community, as well as to everyone interested in the phenomenon of development of the Chinese economy, its production and financial sector, the development of foreign economic activity strategy.
Highlights:
* The rapid development of China in recent decades has made the country one of the main factors in the functioning of the world economy
* China is at a new historical stage. After decades of high-speed growth, the authorities are now focused on high-quality economic growth
* Key economic indicators are changing unidirectionally every year, acute crisis situations in China are not observed and are not expected
* The service sector and high-tech industry will be the main drivers of growth in China's new economic cycle
• Since 2012, the growth rate of value added in the high-tech sector has outpaced the growth rate in the manufacturing sector
• The new model of globalization, put forward by the Chinese government, gives impetus to the world economy and lays the Foundation for the revival of global investment and trade
* The "One belt, one road" initiative is an important step for the Chinese government to promote a new model of globalization and is one of the most important priorities of its work
* implementation of this initiative will provide an opportunity to develop the vast Western regions of China, which can help to overcome the imbalance in socio-economic development between the Eastern, Western and Central provinces
* Massive investments in infrastructure projects in the countries participating in the initiative will increase demand for construction materials and equipment for transport, energy and telecommunications
* China's main trading partners are fast-growing Asian countries, while developed capitalist countries account for just over 30 % of foreign trade turnover
* China is gradually becoming not only the world's largest producer, but also the largest exporter of capital, expanding its presence in all spheres of foreign economic activity
* the Chinese government has taken control of foreign investment and mergers and acquisitions in some industries
* Chinese companies are beginning to make more rational estimates of their foreign investments, an important task is the acquisition of quality international assets
In China, despite the complex problems inside the country and the growing global uncertainty, has managed to keep sustainable economic growth and to continue to conduct large-scale economic transformations
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