The article examines the conceptual foundations of China’s geoeconomic strategy and the features of its implementation in the context of the “awakening” of the Global South. The author employs a geoeconomic approach, which is used to examine various spatial economic-political phenomena, such as global economic projects, regional integration structures, economic and technological partnerships at various levels. The article identifies the key goals and objectives of China’s geoeconomic strategy in the context of the development of US-Chinese rivalry and increased international competition. It also provides an analysis of various aspects of China’s geoeconomic strategy, including diplomatic, trade and economic, financial, energy, resource, transport and logistics, scientific and technological, and digital. The study examines the Chinese interpretation of the concept of the “Global South,” with a particular focus on the positions of key states of the Global South in China’s geoeconomic strategy. It also analyzes China’s foreign policy approaches to developing interaction with key states of the Global South, including Indonesia, Pakistan, Iran, Saudi Arabia, the United Arab Emirates (UAE), Türkiye, South Africa, Egypt, Ethiopia, and Brazil. The topical issues of connecting Chinese economic projects with the national interests and international initiatives of key states of the Global South are considered. The article analyzes China’s strategic approaches to the development of non-Western-centric multilateral international associations, in which the People’s Republic of China (PRC) plays one of the leading roles (for example, BRICS, the Shanghai Cooperation Organization). At the same time, China’s initiatives to enhance engagement with regional and global international associations of states of the Global South and groups of countries are being explored. As a result of the study opportunities and limitations for China’s implementation of its geoeconomic strategy at the present stage are identified. The author concludes that the People’s Republic of China is seeking to intensify a new phase of globalization to address the long-term challenges facing its national development. As part of this phase of globalization, the economic potential of states in the Global South should be unlocked through their involvement in sustainable supply chains oriented towards China.