70 years of China: from “Big leap†to technological “breakthroughâ€

Article is devoted to the 70 anniversary of formation of People’s Republic ofChina. It analyses the economic results of Chinese reforms since the mid-1950s. Attempts by the Chinese authorities to accelerate the transition to socialism through “jump†development failed. The “Cultural Revolution†cementedChina‘s peripheral position in the world. The new socio-economic reforms have been initiated inChinasince the late 1970s. Being carried out gradually, on the basis of in-depth theoretical research and experience gained, in the course of numerous experiments, they contributed toChina‘s transition to the vanguard of the world economy. The results of those reforms were assessed by the international community as a Chinese “economic miracle.†After the global financial and economic crisis, which China overcame quite successfully, the Chinese leadership aimed to lay the foundations for a new “economic miracle†– economic reform 2.0, based on a technological breakthrough, China ‘s transformation from a “world factory†of goods into a “world market†of technologies and high-tech goods with high domestic demand. The article describes the conceptual framework and practical steps to achieve those goals, and reveals risks and difficulties that could impede the achievement of the objectives.Â