The Russian authorities began to apply the Chinese experience in managing the economy

Minister of Economic Development of Russia Maxim Reshetnikov told Vedomostithat in recent years, the Russian model of economic management has increasingly taken into account the Chinese experience. At the same time, he emphasized that it is mechanically impossible to adopt the Chinese model, since Russia has its own economic institutions.

Among the principles characteristic of the Chinese economy that have been applied in Russia, Mr. Reshetnikov named the lengthening of planning horizons and demand monitoring.

Currently, according to the minister, the period up to 2030 is considered as a medium-term one. Plans for solving strategic issues are signed up to 2040-2045. “It is clear that in the conditions of the current turbulence and possible deviations from the expected trends, it is quite difficult to plan some issues for a 15-20 year perspective. But the development of technology, the construction of infrastructure, the reorientation to the East are, without a doubt, sustainable trends, and here we are focusing on long-term periods,” he explained.

In addition, the Russian authorities began to pay more attention to monitoring demand. Mr. Reshetnikov specified that in the event of a decline in consumption among the population and in the corporate sector, the authorities will compensate for it from the budget. “In recent years, we have become much less afraid to borrow and have begun to use the budget deficit as a tool for economic development much more,” he said.

At the same time, Maxim Reshetnikov emphasized the importance of monitoring the effectiveness of investments, since with intensive budget spending, there are fewer projects that create high added value. Speaking about the economic experience of the Chinese side, Mr. Reshetnikov noted that its results “cause deep respect.” However, according to the minister, it is necessary to invest not only in infrastructure, but also in the development of technologies.

“Of course, it cannot be said that we are borrowing some elements from the Chinese model – it is simply impossible to adopt it purely mechanically. We have our own institutions, our own practices and principles. But we carefully analyze and take into account the experience of our colleagues,” he concluded.

On May 24, Russian Prime Minister Mikhail Mishustin arrived in Beijing. His visit lasted two days. In particular, Mr. Mishustin met with the Prime Minister of the State Council of China, Li Qiang. Following the meeting, they signed five agreements. In addition, Russia and China agreed to amend the intergovernmental agreement on the promotion of mutual investment, as well as improve the conditions for trade in services and investment in free zones on each other’s territory.

More details – in the material “Kommersant” “Beijing is back on the Moscow schedule”.

Milena Kostereva