On the Reasons of Chinas Stable Economic Development in the XX - XXI Centuries

Abstract

As is well known, the global economy is a flexible system of relationships between its key actors, and it is directly subject to the constant impact of both internal and external factors. Among the latter are the processes of globalization, integration, liberalization, transnationalization and others. They fundamentally change the rules of organization and conduct of international economic relations. Those countries that were able to duly assess the scale of imminent changes and flexibly respond to them by adjusting national macroeconomic policies were able to take leading positions in the structure of the modern world order. A striking example of such a state is China, which, despite its catching-up type of development, has reached the level of developed countries in a number of indicators and has become one of the significant poles in the structure of the modern world order. The study conducted by the authors of the article showed that the PRC managed to achieve such a result due to the competent reforms initiated in the 1970s by Deng Xiaoping and still ongoing taking into account best world practices. The country’s leadership’s choice of the IT sector as a flagship for further progressive development of the country’s economy has already brought China significant benefits of a strategic nature.