117Received 08.06.2022. Revised 20.07.2022. Accepted 01.08.2022.
Abstract. The article presents the key directions of China’s socio-economic policy since the XVIII Congress of the CPC (2012), which introduced the fifth generation of Chinese leaders led by Xi Jinping. The emphasis is placed on the consideration of the main components of China’s transition to a new model of economic development. Assessing institutional changes with regard to this task, the author argues that alongside with strengthening market principles in the economy, they provide for enhancing the supervisory and regulatory functions of the government based on a number of newly adopted laws and regulations. The authorities’ efforts to improve people’s wellbeing and expand domestic demand extended to the creation of a comprehensive social security system, state support for the poor, tax relief, ensuring good conditions for small businesses, developing education and medical services. As a result in early 2020s the PRC declared overcoming absolute poverty and building a moderately prosperous society. Favorable framework was provided for the science and technology development, e.g. growing R&D spending, tax benefits, the creation of numerous innovation centers, as well as expanding international cooperation in science and technology. This allowed the PRC to become one of the world leaders in a number of aspects of innovative development. China’s green and carbon transition policy meets the terms of the Paris Agreement on climate and provides for establishing stringent eco-environmental protection systems as well as changing energy mix through closure of carbon-intensive industries, stimulating eco-friendly technologies, creation of a national carbon market, etc. All this gives hope for a gradual improvement of the country’s eco-environment. Currently, China’s economy bears visible traces of its transition to a new development model. Despite all its problems and global challenges, the macro- and microeconomic results of the policy, pursued by the Chinese leadership, cause reasonable optimism about the country’s further development.
Keywords: economic model, domestic demand, poverty alleviation, disposable income, taxation, innovation, technology, R&D, eco-environment, pollution, investment, energy consumption, carbon intensity, decarbonization
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