China’s economic development: main trends and objectives of 14th five-year plan

China is one of the leaders of the global economy, and its position is becoming stronger year by year. China ranks first worldwide in terms of GDP in purchasing power parity, industrial production, exports of goods and services, exports of foreign direct investment and others. In recent years, China has been increasingly focused on the use of domestic resources, stimulating expenditure on final consumption. The country is developing within the framework of five-year plans approved by the government. There have been identified the main trends in China’s economic development in 2010-2021 and explored the features of the current five-year plan. The changes in China’s GDP in local currency and US dollars have been analyzed and the factors influencing the economic growth including growth in the final consumption expenditures, investment and foreign trade have been defined. It is stated that the growth of GDP per capita led to the increasing standards of living and helped defeat poverty. There have been analyzed the indices of investment activity of the country, including dynamics and structure of investments in fixed capital, dynamics of gross fixed capital formation and direct foreign investments; the impact of the COVID-19 pandemic on the investment processes was determined. The main trends in the development of foreign trade of the country and formation of state budget expenditures were identified. The present state policy has been singled out in the light of the goals set by the Communist Party of China to maintain the speed of economic growth, increase the national welfare, activate the domestic market, eliminate the structural disproportions of the regional development, and deepen the current reforms. Special attention is payed to the innovation policies aimed at achieving national scientific and technological independence.