The relevance of the study is due to the importance of China as one of the main leaders of world social and economic development. China's economy has been developing for the last four decades in a row (1978-2018) almost without crises, at high rates, sometimes adding 10% a year. Today, China is the leading economic power, its gross domestic product (GDP) increased from $255.7 billion in 1979 to $13,05 trillion in 2018, i.e. more than 50 times. The authors not only reveal the factors of the Chinese phenomenon, but also attempt to analyze the main components of China's success in economic development. The article considers the key aspects of Chinese reforms, analyzes strategic directions of modernization of China's national economy based on strengthening liberalization of the country's foreign economic activity as one of the main conditions for further large-scale borrowing of advanced technological experience of the highly developed countries of the world. A separate place is given to the consideration of the program of socialist modernization, conducted by Deng Xiaoping. The purpose of this study is a comprehensive analysis of features of China's economic development strategy and the main factors of its rapid growth. In the article the authors examine the key features of China's economic development strategy, the priority directions of its modernization: public administration reforms aimed at the priority development of the economy and social sphere; they also analyze the features of attracting national and foreign investments for a breakthrough in socio-economic development.
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