Current challenges and development prospects of the national economy of China

Abstract

China is one of the largest economies in the world, which has come a long way in the transition from a planned economy to a market economy in recent decades. This country is one of the key players in the world arena, participating in international trade, operations in the financial and investment markets. However, in recent years, the pace of economic growth in China has tended to slow down. In this regard, the purpose of this paper is to analyze the characteristics and trends of the development of the national economy of the PRC, as well as to assess its current state. The study revealed that the reforms carried out in the country and adherence to the openness policy helped the country move from focusing on domestic consumption to on focusing exports and attracting foreign investment, which became the main driver of increasing the production of goods and services and the expansion of the private sector in the country. Nevertheless, the implementation of the measures considered has led to a few problems. A crisis in the construction of residential and commercial real estate, environmental problems. This, in turn, undermines food security and causes a decrease in the birth rate, which in the future may lead to a shortage in the labor market.