Abstract
The article examines the theoretical foundations of socialism with Chinese characteristics and the peculiarities of building a modern social market model in China. The main stages of the process are analyzed, from the initial stage at which a socialist society was created to the comprehensive modernization of socialism, the formation of a modern social market economy, and the building of Moderately prosperous society (Xiaokang). The role and contribution of Deng Xiaoping, one of the leaders of China and the main ideologist of socialist theory, in building a socialist system with Chinese characteristics is shown. The main provisions of Xi Jinping's concept of common prosperity and the course of its practical implementation are considered. The capability of the Chinese leaders to transform China into a "rich and powerful, democratic and civilized, harmonious and modern socialist state" by 2049 – the centenary of the founding of the People's Republic of China (PRC) – is evaluated.