CHINA: TRANSITION TO "ADVANCED MODERNIZATION" IN THE CONDITIONS OF DE-GLOBALIZATION

Abstract

This article examines the impact of de-globalization and the global financial economic crisis on China's economic development. Over the past decade, globalization has generated powerful forces of "de-globalization" - a decrease in the role of external factors in world economic development. The situation in early 2020 was aggravated by the global economic collapse due to the sanitary measures taken in the leading countries of the world due to the coronavirus pandemic, as well as sharp fluctuations in the US stock market and the collapse of oil prices.

Deglobalization has fully manifested itself in China, which has never lost sight of the importance of independence and self-reliance. Despite the decline in the role of external factors in its development, China itself is not abandoning globalization. The country has already launched a Belt and Road Initiative as an alternative to hyperglobalization. The relationship between openness and self-reliance is interpreted in China dialectically: by openness to strengthen the ability to rely on one's own forces, relying on one's own forces, to open up the economy even more widely.

The authors conclude that over the past decade, there has been a transition to a new economic model, where the emphasis is on domestic demand and the Chinese government is trying to move away from an export growth strategy. The global financial and economic crisis did not undermine the Chinese economy - it continued its development. Therefore, the various measures taken by the Chinese leadership are now of no less interest than the further fate of globalization.