CHINA’S NEW EPOCH: FROM SEEKING WEALTH TO GAINING STRENGTH

The article is focused on the new concepts that were introduced at the 19th Congress of the Communist Party of China (CPC). The key thesis of the "new era" of China's socialism was supplemented by a new definition of the main contradiction in the Chinese society between the "people's need for a good life" and the "unbalanced insufficient" development. Former reference to "backwardness of social production forces" was abandoned due to recognition of real progress of the national economy; nevertheless, the basic characteristic of China as the largest developing country at the initial stage of socialism remained unchanged. According to the new strategy, China's modernization should be completed by 2035 that is 15 years ahead of the "three step program" outlined by Deng Xiaoping. The CPC promised to build a powerful modern nation by the middle of this century. New goals of development were not linked to the GDP growth figures in the context of China's transition from the stage of high-speed growth to the stage of high-quality economic growth. It provides the government with ample room for maneuver in the process of reforms implementation. The Congress underlined the importance of prevention of financial risks and proposed to build a healthy "two-pillar control system of monetary policy and macroprudential policy". Economic policy retained its pro-market orientation; reference to "promotion and protection of spirit of entrepreneurship" was an important positive signal for the non-state sector of Chinese economy. The Congress assigned normative status to "Xi Jinping Thought of New Era of Socialism with Chinese Characteristics", so a large set of concepts and slogans introduced by Xi Jinping over the past five years was included into the new version of the CPC Charter. Against the backdrop of increased centralization and personification of the CPC leadership system, the problem of power succession remained unsolved thus adding an element of uncertainty into Chinese politics. The CPC Congress expressed confidence in sustainability of China's development path and encouraged other countries to study the Chinese modernization experience. The article concludes that the 19th Congress provided favorable conditions for stable development of the Chinese economy, and the updated long-term strategy will make China's behavior on the global scene more predictable.