Current situation of social and economic development in China

The purpose of the article is to identify the factors that providing China, containing a\npopulation of millions, the opportunity for stable economic and social development and improving\nliving standards from 2000 to 2018. The novelty of the article is to justify the need and study the\npotential of China to implement new development model in the medium term. It applies both internal\neconomic issues related to the need for long-term socio-economic growth, and external issues\nrelated to the transformation of the world economy and trade. The result of the study shows that\nChina adapts to shocks and crises in a flexible manner, by which to make qualitative changes in\neconomy and politics. It is established that, in addition to quantitative indicators we can also discuss\nqualitative changes in the Chinese economy, such as improving the quality of life, development of\ninnovative research and digital economy. In addition, it is found that due to both China's growing\ndependence on the global factors and the growing volatility, it is significant for China to implement\nnew development model in the medium term based on multilateral agreements, such as the "The Belt\nand Road" initiative and the continuation of Internal structural transformations. The authors\njustified a standpoint that China's economic situation is consistently improving due to the wellthought-out policy made by the Chinese leadership, with consideration of both modern theories and\ntraditional approaches. The article shows that China is constantly searching for new opportunities,\ntherefore China appears as a pioneer not only in traditional economic activities, but also in the field\nof innovation and digital economy. Accordingly, the authors hold that the problems existing in\nChinese economy will be overcome successfully.