Role of Сhina in globalization of the world economy

Kheifets B.A., Chernova V.Ju.


The article analyzes the role of globalization for the Chinese economy and the role of China in the development of globalization processes. China, being the main beneficiary of globalization, has developed its own approach to globalization as an irresistible and objective reality in accordance with its own trade positions, and has consistently advocated its defense. The article examines the participation of China in the processes of globalization, shows the strengthening of its influence in the global production of added value, trade, investment, in the development of other globalization flows. The features of the Chinese foreign economic strategy are highlighted, characterized by the preservation of a high degree of openness of the Chinese economy, the increased dependence of many countries of the world on supplies from China, and China's desire to turn the yuan into the currency of international settlements. The increased interest of investors in the yuan was especially noted in connection with the anticipatory recovery of the Chinese economy during the global pandemic crisis. The role of Internet platforms and Internet commerce in globalization is shown. The potential opportunities of the new payment system in strengthening the leadership of China in the world economy are noted. A number of barriers have been identified that prevent China from strengthening its position. The role of bilateral and multilateral free trade agreements in the process of accelerating internal reforms with the growth of economic openness is analyzed. It is concluded that the new economic strategy of «the dual circulation strategy» preserves the fundamental principles of Chinese foreign economic policy and allows China to give an adequate response to the new development challenges.


globalization; features of Chinese foreign trade strategy; «the dual circulation strategy»; monetary and financial globalization; assessment of participation in globalization.

DOI: 10.31249/rsm/2021.02.07

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