The article considers China's foreign trade as the most important factor in the rapid economic development of the country after the reforms of 1979 and the transition to openness, to a market economy. The article shows the ideological connection of Deng Xiaoping's reforms with the new economic policy (NEP) of the USSR, adopted in 1921 at the X Congress of the RCP (b), but curtailed after a few years. The article uses methods of statistical and graphical analysis of GDP, exports, imports, indicators of innovative activity. On the basis of statistical data for 1980 - 2020, a regression model showing quadratic relationship of China's GDP with export was built. The structure of exports and imports of China, the circle of countries - the most important partners in the export and import of China are considered. China's foreign trade relations with the United States and Russia are especially considered. The prospects for China's foreign trade are discussed, taking into account sanctions, introduced by the US and its Western allies. The authors advocate the strengthening of economic and political ties between Russia and China through the implementation of common investment projects, primarily infrastructure, the serious development of mutually beneficial foreign trade relations, as a means of optimizing the structure and increasing the efficiency of the national economy of both countries. The need for Russia to invest more in the development of fundamental and applied science is emphasized. It is in this area that the competition between the two countries and around the world will intensify.