Riabets, N
Kitaêznavčì doslìdžennâ 2021, 3:109-126
Section: Political, Social and Economic Development of China
Language: Ukrainian

Article is devoted to the research of modern features of China’s participation in such process as digital globalization. It is studied that digital products and technologies began to emerge at an unprecedented rate, helping to simplify and improve existing economic models and business processes. Accelerating digital modernization of the industrial structure, expanding opportunities for the use of digital innovations are vital for the transition to a fundamentally new economic development in the current conditions. It is identified, that industrial digitalization provided new sources of growth and reversed the downward trend in China’s potential growth. It has already brought significant benefits to the industry, as it increased productivity in the face of a shortage of labor, and contributed to the creation of high-productivity jobs in new high-tech sectors. It is established that in order to sustain further growth of economic welfare, the country needs to make transition to a new stage of development – based on innovations. The relevance of this conclusion was confirmed in practice by the mean of the analysis of some basic program documents and strategic plans of China such as the national program “Made in China 2025” (MIC-2025). The keen interest of the country’s in key technologies and the scientific fields, which is expressed, in particular, in huge growth of investment volumes during the recent years into the venture capital is noted. Going forward there is no room for doubt, that the digitalization will continue to rebuild the Chinese economy by increasing the level of its efficiency, softening though not reversing, and the declining tendency of possibility for development as the economy matures. As result it is drawn a conclusion about the high probability of further escalation of a global contest for world leadership between other developed countries and China.

Keywords: digital economy, digital globalization, economic growth, employment, global domination, high technology, industry, innovative development, productivity, venture fund

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