Current state, place and role of the People’s Republic of China in the world economy

Pavel Nesenenko
PhD in Economics, Associate Professor, General Economic Theory and Economic Policy Department, Odessa National Economic University, Ukraine, e-mail: nppod@ukr.net, ORCID ID: https://orcid.org/0000-0001-6399-3511

Volodymyr Polishchuk
Student of Economics and Entrepreneurship Management Faculty, Odessa National Economic University, Ukraine, e-mail: nppod@ukr.net, ORCID ID: https://orcid.org/0000-0002-6492-2923

Cite this article:

Nesenenko, P., Polishchuk, V. (2020). Current state, place and role of the People’s Republic of Chine in the world economy. Ed. by M. Zvieriakov (ed.-in-ch.) and others [Suchasnyi stan, mistse ta rol KNR u svitovii ekonomitsi; za red.: М. Zvieriakova (gol. red.) ta in.], Socio-economic research bulletin, Vìsnik socìal’no-ekonomìčnih doslìdžen’ (ISSN 2313-4569), Odessa National Economic University, Odessa, No. 1 (72), pp. 191–202.

Abstract

The article considers the problems of China’s economy development, as well as the peculiarities of reforms over time through the prism of elucidating the possibilities and mechanisms of the country’s entry into the world market with the strengthening of its place and role in it. It has been demonstrated that only the expansion of the national internal market can create the necessary prerequisites for a full entry into the global economy. Particular attention is paid to supporting the economy through the government infrastructure investment programs. It was noted that sustainable growth of China’s economy in 2011-2018, the development of its industry, construction, are being traced, which significantly expanded the country’s opportunities to influence an international economy. Hence the conclusion is made about sustainable development of the China’s economy in an attempt by the government to focus on opening its new segments of the national economy on the foreign market with further liberalization of prices, which makes the country economically more powerful. It has been clearly demonstrated how the dynamic growth of state industrial production over the past two decades has transformed China into a leading country in the world. It is noted that China, which has a leading position in the world in the production of many types of products, is now focused on the need to increase domestic consumption in order to make the economy less dependent on exports in the future. The idea that the limited space of the internal market as it grows requires the search for new territories for further realization and development of its production is substantiated.

Keywords

PRC economy; foreign market; world economy; new stage of globalization; socio-economic development.

JEL classification: F010; O100; O400; DOI: https://doi.org/10.33987/vsed.1(72).2020.191-202

UD classification: 339.97 (510)

This work is licensed under a Creative Commons Attribution 4.0 International License. To view a copy of this license, visit http://creativecommons.org/licenses/by/4.0/

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