CHINAʼS ECONOMIC DEVELOPMENT IN CONDITIONS OF TRANSNATIONALIZATION

Abstract

Abstract. Processes taking place at the present stage of development of world economy such
as globalization and transnationalization, which is undoubtedly one of the most important drivers
of modern economic development, causing interest in a wide range of researchers and scientists.
Last decade certify intensive development of globalization in world economy. Globalization
can be interpreted as a process that brings international economy to a higher level of internationalization
of systemic conditions and areas of human activity. This process includes political,
economic, social, environmental, scientific, technological and other constituents. The
driving force of transnationalization and globalization now is multinational corporation. China
as one of the worldʼs economic development leaders plays a key role in these processes.
Chinaʼs economic development since 1978, beginning of reforms, compel scientific interest
in both Ukrainian and foreign scientists, because in such a short period China achieved significant
economic success. By the end of 1970 it became clear that a planned economy is not able
to provide solutions to major social and economic challenges, China government has begun the
process of economic transformation, which was sent to a gradual transition to a market economy.
As a result China reached leading position in world by volume of GDP parallel successfully
solving problems of society «small welfare», or in other words «syaonkan society».
Key words: economic reforms, economic growth, globalization, transnationalization, multinational
corporations, China, East Asia.