Subject. The article considers features of the second stage (since 2000) of the reform and opening-up policy implementation in China, specifically, household income, expenditure, and investment decisions. Objectives. The focus is on the analysis of problems relevant to Chinese households, like population aging, rapid pace of digital transformation of the economy, and on the assessment of the impact of China's foreign policy on living standards. Methods. The study draws on methods of statistical analysis. Results. The study shows that measures aimed at changing the way households are registered in urban and rural areas, the higher education reform, large-scale marketization of medical care, commercialization of housing construction, and China's accession to the World Trade Organization have provided Chinese households not only with unprecedented dividends, but also with potential risks and opportunities. The key risk is the accelerated aging of the population, which requires households to spend additional money on elderly relatives. Conclusions. To maximize the impact of the reform and opening-up policies, it is important to focus both on minimizing the risks caused by population ageing and on the prospects for digital transformation, which significantly affect household budget decisions. Based on foreign experience and considering the national conditions, it is necessary to develop a system for improving digital literacy for the entire population.
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