|Kitaêznavčì doslìdžennâ 2021, 1:137-149|
|Section: Political, Social and Economic Development of China|
The work performed structure-factor analysis of the global competitiveness of China. The Global Competitiveness Index, the Ease of Doing Business Іndex, the Global Innovation Index, the International Digital Competitiveness Rating and the Global Financial Centers Index were used. Today, China is one of the largest and most developed economies in the world, a powerful space and nuclear power, a leading global player. Its trade, technological and investment impact is felt around the world. China has developed the production of almost the entire range of consumer goods, equipment, and electronics for both domestic use and for business, trade, industrial and agricultural production. China has evolved from an underdeveloped poor country into a middle-income economy. In 2019, purchasing power parity was $ 10,839 per year. In a global pandemic, the Chinese economy has suffered the least economic losses. In 2020, China’s GDP grew by 2%, while other countries have a negative figure. A new five-year plan for 2021–2025 has been launched, based on a dual circulation strategy. The effectiveness of this innovative strategy is to increase the transparency of domestic financial transactions and business processes and to expand foreigners’ access to China’s capital markets. China aspires to become a high-income country by the end of 2025 ($ 12,536 per PPP). According to the Global Competitiveness Index in 2019, China ranked 28th and ahead of countries in all technological indicators and innovations. Analysts at the World Economic Forum also praised China’s achievements in developing the labour market and improving the skills of its staff. They predict that the Chinese economy in dollar terms will outpace the US economy by 2028. In order to maintain a high position in the ranking of leaders of global economic development, China has set the following tasks: first, the implementation of digitalization of the economy and robotics; secondly, ensuring the permanence of education and quantum breakthrough; third, the implementation of the block chain concept and dual circulation strategy in the domestic capital market; fourth, the creation of a digital version of the Yuan as an alternative to the dollar; fifth, the development of renewable energy and innovative production technologies; sixth, the use of artificial intelligence.
|Keywords: China, Chinese economy, Chinese megatrends, digital economy, dual circulation strategy, global competitiveness, Thucydides trap|
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