By decision of the Central Committee of the Bulgarian Communist Party in 1931, he went to study at the International Lenin School in Moscow.
He returned to Bulgaria at the end of 1932 and was elected secretary of the Central Committee of the Bulgarian Communist Youth Union (BKMS).
In 1933–1934, together with Rayko Damyanov, he took an active part in the preparation and conduct of the textile workers' strike in Sliven, for which he was arrested and, after his escape from the police station, was sentenced in absentia to 10 years in prison.
The unification of the 2 organizations ended in 1938, and Georgi Chankov was not included in the Central Committee of the RMS because he was illegal, but he participated in the meetings to ensure continuity.
Participated in the march of the Second Sofia People's Liberation Brigade from Kalna to Western Stara Planina and in the Battle of Batulia on May 23, 1944.
[2] He was a member of the Politburo of the Central Committee of the Bulgarian Communist Party from 1944 (the exact date is unknown, since no minutes were kept then) until July 17, 1957.
After Dimitrov's death in July 1949, Chankov was among the main contenders for his position, along with Vasil Kolarov, Valko Chervenkov and Anton Yugov, but it was decided that the leadership of the party would be largely collective and acting under the direct guidance of Joseph Stalin, with Chervenkov elected as the first secretary of the Central Committee, and Chankov as the second secretary.
[6] Already in December 1956, he was removed from the leadership of the State Planning Commission and remained in the government as deputy prime minister without portfolio.
At the July Plenum of the Central Committee convened in 1957, Prime Minister Anton Yugov delivered a report in which he accused him of factional activity and pursuing a line directed against party politics.
After his return, until 1969, he was deputy director of public affairs (unpaid) at the commercial company "Bulet", where he was responsible for capital construction issues.