The article is devoted to economic development in China since the times when the PRC has been founded. We consider the reasons which led China and its leaders to the development and implementation of new economic reforms. They marked the failure of the Soviet model and brought the economy to "socialism with Chinese peculiarities". We examine specific features of implementation of these reforms .The successful implementation of reform in all fields is analyzed. The role of the CPC in the implementation of a permanent state control over the ongoing economic processes is identified.