The article discusses the actual economic situation of contemporary China from the point of view of monetary-Keynesianism. The analysis suggests as a theoretical-empirical postulate that the sufficient condition for the completion of the process of transformation of the Chinese economy and its insertion into the globalised economy as a world economic power is the quality of the renminbi as a world currency. It is shown that a process of national economic development in the context of the open economy requires a merchantilist strategy as a means of instrumentalisation of the world market in order to promote the achievement of nationalistic economic power interests. The historical experience of the old socialist countries and the process of "original accumulation of capital" in China teaches that the completion of the process is not self-evident and that failure is always a possibility. This is China’s economic dilemma.