Peskov said that China’s experience in managing the economy deserves to be studied

Presidential press secretary Dmitry Peskov commented on the words of the Minister of Economic Development Maxim Reshetnikov that the Russian authorities began to take into account the Chinese experience in managing the economy more. The Kremlin spokesman said that the experience of all countries should be taken into account, and the experience of the leader of economic growth deserves to be studied.

“The USSR also had experience in long-term planning, of course, this experience needs to be adapted to our realities,” Mr. Peskov said during the conference call. To a clarifying question from Kommersant FM about China, he replied: “The experience of a country that is a leader in economic growth deserves to be studied.”

Earlier, Minister of Economic Development Maxim Reshetnikov, in an interview with Vedomosti, identified two characteristic principles for managing the economy in China. He noted planning for a longer term – for 15-20 years, and monitoring demand. So, according to him, when a decline in consumption among the population or in the corporate sector is recorded, the authorities quickly respond and compensate for this at the expense of the budget.

Although the authorities, according to Mr. Reshetnikov, are studying this experience, Russia does not directly borrow any elements from the Chinese model, since “we have our own institutions, our own practices, principles.”