In the last several decades, the dynamic development of the Chinese economy has attracted increased interest among both scientists and practitioners in studying the causes, underlying factors, and consequences of such fast economic growth, as well as in studying the specifics of the Chinese economic model and its evolution. This contribution investigates the evolution of the Chinese economic model, identifying its key stages and evaluating their impact on China’s economic development. The analysis highlights the outcomes and efficiency of China’s economic reforms, offering insights into their transformative impact. The study also reviews the main directions of Russia-China economic cooperation across different stages of the Chinese economic model’s evolution. Special attention is given to the USSR’s role in shaping China’s industrial foundation and supporting its economic growth. Further the work explores the development of trade between Russia and China, economic relations between these countries, with a particular focus on their current state. The authors analyze the structure of exports, imports, and investment projects, as well as their contribution to the accelerated development of both nations’ economies.