The foreign policy activities of the PRC President Xi Jinping since he became China’s leader in 2012 show that China is gradually moving from regional to global goals in international affairs. In the author’s opinion, the country’s role and influence in the modern world has expanded beyond its participation in international relations as it was in 1980s and 1990s, defined by Deng Xiaoping’s principles “to observe calmly” and “never claim leadership”. Now Beijing seeks to increase and strengthen its influence on the global stage in the so-called “period of strategic opportunities”. The rise of China causes opposition from other regional powers (India and Japan) as well as from the U.S. Therefore, Chinese foreign policy decision-makers are facing a serious dilemma: on the one hand, the country has become a “responsible global power”, moving away from its previous status of a “responsible stakeholder” with limited liability. At the same time, in addition to the Belt and Road Initiative, the PRC is now implementing a global project of a “community of shared future for humankind”, which could have a great impact on the future world order. Most Russian and Western researchers agree that this concept has not received a specific description and remains obscure to the international scientific and expert community. Therefore, consideration of the genesis of this idea, peculiarities of its development, its conceptualization is relevant. Meanwhile, the idea of the “community of a shared future for humankind”, which was already in the diplomatic background of the former Chinese authorities, creates the conceptual basis of Xi Jinping’s foreign policy strategy. In this article, the authors consider this idea as well as the main features of its development, conceptualization and subsequent transformation into a global concept of China for the 21st century. It is attempted to examine theoretical foundations of the concept and some practical aspects of its implementation. As a result of the study, the authors come to a conclusion that the “community of a shared future for humankind” is a concept of multilateral cooperation in the economic, political and humanitarian spheres, as well as in the field of security, which is implemented by Beijing on a bilateral basis at the regional, interregional and global level. © 2019, Russian Academy of Sciences. All rights reserved.