The Kremlin ruled out blind copying of China’s economic management experience
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Russia will not blindly copy China’s experience in managing the economy, although Beijing has something that deserves the closest attention. This was stated by the press secretary of the President of Russia Dmitry Peskov.
“It is necessary to take into account the experience of any countries, and the experience of economic management – micromanagement and macromanagement – naturally, needs to be studied in all countries. The country of which Russia is the legal successor, the USSR, also had experience in long-term planning. But, of course, this experience needs to be adapted to the current situation and the peculiarities of our country. There can be no question of blind copying,” he said.
At the same time, Peskov noted that in the Chinese experience of managing the economy, close attention should be paid to “the experience of a country that has been demonstrating the fastest growth rates in the world for decades and is, in many respects, the world’s leading state in the field of economy.”
Earlier, in a conversation with Vedomosti, Minister of Economic Development Maxim Reshetnikov informedthat in recent years, Russia has increasingly taken into account the Chinese experience in managing the economy. According to him, now Moscow is actively using two principles characteristic of the PRC system – long-term planning and monitoring of demand. In particular, when a decline in consumption is recorded, the authorities respond quickly and compensate for this at the expense of the budget.
As a Vedomosti source noted, now the government and the Central Bank are actually formulating their plans based on the need to create conditions for a sustainable increase in GDP while maintaining financial stability. At the same time, China’s main goal is also to increase its GDP. In March, the Chinese authorities approved a 5% economic growth target for 2023. Based on this benchmark, the Ministry of Finance forms the budget, and the Central Bank – the size of the loan to the economy.
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