The paper investigates an impact of the global financial crisis on China and outlines stimulus package of the Chinese Government. The author gives attention to the quality of China's economic development before the crisis discovering unbalances and distortions that accompanied the country's high growth. Exposure of Chinese regions, industries, and groups of population to the crisis are revealed. China announced a $586 billion stimulus package in Nov. 2008 to support a sustainable growth of the Chinese economy. Some positive effects of the package on the China's economy are already observed this year. Currently, China plays a stabilizing function in the international financial market, as well as in the world economy by continuing to hold US securities, support dollar, and avoiding protectionism in the foreign trade. There are signs of the China's future enhanced role in the world economic order.