Current situation of social and economic development in China

The purpose of the article is to identify the factors that providing China, containing a population of millions, the opportunity for stable economic and social development and improving living standards from 2000 to 2018. The novelty of the article is to justify the need and study the potential of China to implement new development model in the medium term. It applies both internal economic issues related to the need for long-term socio-economic growth, and external issues related to the transformation of the world economy and trade. The result of the study shows that China adapts to shocks and crises in a flexible manner, by which to make qualitative changes in economy and politics. It is established that, in addition to quantitative indicators we can also discuss qualitative changes in the Chinese economy, such as improving the quality of life, development of innovative research and digital economy. In addition, it is found that due to both China's growing dependence on the global factors and the growing volatility, it is significant for China to implement new development model in the medium term based on multilateral agreements, such as the "The Belt and Road" initiative and the continuation of Internal structural transformations. The authors justified 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 traditional approaches. The article shows that China is constantly searching for new opportunities, therefore China appears as a pioneer not only in traditional economic activities, but also in the field of innovation and digital economy. Accordingly, the authors hold that the problems existing in Chinese economy will be overcome successfully.