Abstract: This paper considers China’s economic development and place in the world economy. The People’s Republic of China is becoming the most powerful country in the world in terms of GDP. Nowadays, China is an important partner in world trade both as an exporter and importer. Thus far, the United States has been the leading force in managing and coordinating the global economic and especially financial system, but now the economically advancing socialist China is a challenge to the USA. The Chinese model, socialism with Chinese characteristics, is discussed and compared with earlier stages of socialist construction, e.g. the NEP experiment of Soviet Union. The paper ends with notes about environmental and ecological problems, stressing the importance of socialist answers to these challenges. In this regard there are encouraging aspects in the current political program of the Chinese leadership.

Key words: China; economic growth; international trade; models of socialism; ecological problems

From: World Review of Political Economy 2020 11 (2)

Editor: Wang Yi