The article is focused on theoretical debates on experience of reforms in China in the context of adaptation to new external and internal challenges. The specific features of Chinese reforms include the combination of benefiting from markets with preserving the regulatory role of the government. Skillful use of the advantages of backwardness assisted the processes of rapid assimilation of foreign experience and technologies. At the present stage, the PRC needs to upgrade national innovation capacities to counterbalance the risks brought by the technological blockade imposed by the West. Trade tensions with the United States revived the ideas of limiting private business and expanding government intervention in the economy. In 2018, a brief discussion about the role of private enterprise in China demonstrated that strengthening of centralized Party leadership is not equal to curtailing market reforms. The mainstream in Chinese economics calls for deepening reforms and expanding openness for the sake of national development. Beijing plans to continue industrialization and also to use the opportunities of the fourth industrial revolution to gain foothold in high technologies. Smooth functioning of multilateral mechanisms of global governance is the key prerequisite for achieving long-term goals of China’s modernization. Beijing claims the roles of ideological opponent of anti-globalization and cheerleader of new globalization movement. In early 2020, the coronavirus epidemic was a major test of the Chinese system’s resilience and its ability to sustain economic growth. Extra strengthening of centralized leadership and the concentration of resources in the “people’s war” against the epidemic brought positive results. Chinese experts are optimistic about long-term economic growth, citing a wealth of macroeconomic experience in dealing with crisis situations. The biggest concern is the possibility of switching to economic stimulus policy that accelerates growth by accumulating significant financial risks. After the epidemic, the importance of foreign markets for China’s economic growth has increased. This situation highlighted practical relevance of Chinese plans of supporting economic globalization.