Analysis of China’s Economy in the 21st Century

Abstract

China, being the country with the largest population, inevitably influences the processes taking place in the world economy. In terms of GDP, the Chinese economy has been the first economy in the world over the past several years, being among the most important economic indicators such as GDP, industrial production, and export of goods in leading positions. Under the influence of the pandemic crisis, a deep recession occurred in industrially developed countries, where the reproduction system is based on the “TNC economy”, with the exception of China, which managed to transfer the economy into a state of reproductive expansion, while maintaining the positive dynamics of the country’s economic development on an annualized basis. The aim of the paper was to analyze data that gives an idea of the potential of the Chinese economy. The main indicators characterizing the development and dynamics of the Chinese economy are considered. Materials and methods. In the course of the work, a dynamic, structural analysis of analytical and statistical information was used; methods of analytical, logical, system analysis were used. Results. The paper examines certain macroeconomic indicators that characterize the state and development of the Chinese economy, taking into account the achievements in the context of the global economic crisis caused by the COVID-19 pandemic. The GDP of China was analyzed, calculated in national currency or PPP. Conclusion. The country was faced with a difficult international situation, difficult tasks in search of reform, development and stability within the country and, in particular, with the heavy blows of the COVID-19 epidemic. Steps taken to stabilize employment, financial transactions, foreign trade, foreign investment, domestic investment and market expectations, as well as ensuring fully guaranteed employment, basic living needs, functioning of market actors, food and energy security, stability of production and supply chains, helped to restore the economy making China the only major economy with positive economic growth in the world in 2020.