Libmonster ID: U.S.-1231
Author(s) of the publication: E. S. BAZHENOVA

A year and a half has passed since the 17th Congress of the Communist Party of China in October 2007. However, in this relatively short period of time, the global financial and economic crisis broke out, and for the first time since the Second World War, the world's gross domestic product (GDP) has declined, which is projected by the International Monetary Fund (IMF) and the World Bank (WB) at the level of 0.5-1%.

The question is quite legitimate : how does the crisis affect China, and how fair are the assessments of the state and development of the Chinese economy that were given at the 17th CPC Congress in the new conditions?

An Internet conference on "China in the Global Economy: Locomotive left without an engine?" was held on the website of the Russian investment company Finam-ru in January of this year. she raised both this and a number of other questions for the scientific community: is China the locomotive of the global economy in the context of the financial crisis, and where is Russia on the train? And is China still one of the most promising countries in terms of economic development in the 21st century?

CHINA'S REFORM EXPERIENCE

These issues were also discussed at an extensive discussion that took place in February this year at the Center for Economic and Social Problems of China and East Asia of the Institute of Political Economy of the Russian Academy of Sciences.

A.V. Ostrovsky, Deputy Director of the Institute of International Relations of the Russian Academy of Sciences, Head of the Center, Doctor of Economics, delivered the main report on "The global Financial Crisis and its impact on the Chinese economy" at the conference.

The speaker drew attention to the fact that the experience of Chinese reforms is the experience of a relatively painless transition from a planned to a market economy, entering the trajectory of high economic growth, which has been going on for 30 years. China did not follow the path of a radical transition to a new economic and political system, but limited itself to reforms related to the gradual transition from a planned to a market economy, divided into four stages. The essence of each of them is expressed in slogans: 1) 1979-1984 - "planned economy-basis, market regulation-supplement"; 2) 1984-1993 - "planned commodity economy"; 3) 1993-2002 - "socialist market economy"; 4) since 2003 - "improvement of the socialist market economy".

The first two stages were only a preparation for the implementation of the concept of economic reform, and only during the third stage did the direct transition to a market economy begin, built on the basis of the full development of enterprises of various forms of ownership and the gradual admission of entrepreneurs to participate in state decision-making.

Currently, a new economic system is being formed, where the main link is the expansion and development of the market, the creation of a new enterprise management system, and the formation of a system of macro-regulation and control. The main problem of the economic reform was defining the boundaries of state intervention in the economy.

According to the speaker, the current global crisis and analysis of its consequences for the Chinese economy make it possible to identify all the pros and cons of the Chinese model of economic reforms, the so-called "Beijing consensus" in contrast to the Western model of reforms (the"Washington consensus").

A. V. Ostrovsky raised three main questions:: how will the dynamics of gross domestic product (GDP) growth change; what changes will take place in China's foreign trade; what impact will the situation in the global economy have on the Chinese financial market (banks and the stock market) and the domestic market (consumer demand and prices)?

According to the main economic indicators - the volume of GDP, foreign trade, attracted foreign investment, gold and foreign exchange reserves and other indicators, China already represents a force that all countries of the world have to reckon with. As of the end of 2008, China ranks 3rd in terms of GDP - 30.1 trillion yuan* - and 2nd - in terms of purchasing power parity (PPP). The volume of foreign trade is $ 2,560 billion, and the volume of gold and foreign exchange reserves is approximately $ 2 trillion. During the period between the 16th and 17th Congresses of the CPC in 2003-2006, the average annual GDP growth rate of the PRC was 10.4%, which is 7 percentage points higher than the global average of 3.4% per year, and in 2007 - 13% instead of 11.9% (according to GDP recalculation). After China's accession to the World Trade Organization (WTO) in 2001, the volume of foreign trade increased almost 5 times.

In 2008, the GDP growth rate did not decrease: it reached 9% per year. The Chinese economy actually felt the impact of the global crisis in the fourth quarter of 2008, when the GDP growth rate was 6.8% compared to the same period in 2007. At the same time, GDP growth is projected to decline to 8% per year in 2009, which is in line with the plans outlined at the 17th CPC Congress in October 2007 and at the 1st session of the National People's Congress.


* In March this year, China replaced the yuan's peg to the dollar with a basket of currencies, and the new yuan exchange rate strengthens it by 2.1 %, to 8.11 yuan per dollar. ed.).

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Representatives of the National People's Congress (NPC) in March 2008*

ECONOMIC CRISIS PREVENTION PROGRAM

In order to prevent the financial crisis from turning into an economic crisis, the State Council of the People's Republic of China developed a 10-track program, which was announced at the Central Workshop on the Chinese Economy in December 2008.The government allocated 4 trillion yuan for the implementation of this program alone. The priorities were agriculture, infrastructure development, new high technologies, economical housing, development of the transport network, rehabilitation construction in the earthquake-affected areas of Sichuan Province, a program to increase the income of rural residents by increasing the norms of mandatory grain purchases and subsidies for farmers, reducing value-added taxes, and encouraging technical innovation.

In order to make credit funds for the implementation of these programs more accessible, bank loans for priority projects were increased and restrictions on obtaining loans were lifted. These areas, according to the forecasts of the Chinese authorities, will attract other industries, such as the cement industry and metallurgy, which will develop at a faster pace than other industries. At the same time, the refinancing rate of the People's Bank of China, which performs the functions of the Central Bank (CB), was reduced to 3% per annum, and the average bank discount rate on loans - to 5.58% per year, which provides favorable conditions for the implementation of the program of the State Council of the People's Republic of China.

The key point in implementing this program is to expand domestic demand in the country, especially in rural areas of China, where more than 800 million people live.

As noted at the meeting of the Standing Committee of the State Council of the People's Republic of China in December 2008, the implementation of this task should be achieved through the full development of the real estate market, cars, as well as the rural credit and consumer market. There is still a large amount of household savings in Chinese banks - 17.2 trillion yuan at the end of 2007 (approximately 70% of GDP), with which domestic demand can be expanded.

According to the speaker, the most serious impact of the global crisis will have on China's foreign trade. For many years, exports have been an important factor driving the country's rapid economic development. But in the context of the global crisis, external demand is decreasing, which has a negative impact on the growth of Chinese exports. In 2008, both exports, which reached $ 1.43 trillion, and imports, which reached $ 1.13 trillion, continued to grow.

However, according to scientists from the Chinese Academy of Social Sciences, in particular, Director of the Institute of Finance and Trade Pei Changhong, in 2009, the actual growth rate of exports and imports will be about 8-9%, which is lower than in previous years - about 18-20% growth. The volume of foreign trade with the United States and EU countries will decrease. At the same time, the PRC is actively developing trade with the countries of the Association of Southeast Asian Nations (ASEAN) and the economically developed countries and territories of the Asia-Pacific region (APR)-the Republic of Korea, Japan, Taiwan and Hong Kong, as well as with the countries of Africa and India. Under certain conditions, China may be able to get rid of the dependence of the Chinese yuan on the US dollar and eventually, after switching to full convertibility of the yuan, turn it into a reserve currency in the Asian part of the world - in the countries of Southeast and Northeast Asia.

BOOSTING FOREIGN TRADE RELATIONS WITH THE SCO COUNTRIES

In the current situation, China is also trying to boost the development of foreign trade relations with the countries of the Shanghai Cooperation Organization (SCO) by importing energy carriers and exporting finished products - both mechanical engineering and consumer goods. At the same time, in order to successfully implement its energy import projects, the PRC plans to invest in the development of the infrastructure of the SCO countries - Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan (roads, oil and gas pipelines, warehouses). China will try to implement all these projects both on a bilateral basis and within the framework of the SCO.

Despite the favorable development of Russian-Chinese trade in 2007, when it reached $ 46 billion, the country is still in a state of disrepair. Compared to $ 32 billion in 2006, the global crisis has negatively affected the dynamics of Russian-Chinese trade. The volume of Russian-Chinese trade in 2008 did not reach the expected figure of $ 60 billion, and, according to Chinese customs statistics, amounted to $ 56.7 billion. United States dollars.

Currently, as a result of state support for basic industries-transport and energy-prices in China are lower in almost all commodity items than in Russia, and prices for products of these sectors of the national economy of the People's Republic of China largely determine the dynamics of prices for other goods.

One of the ways to develop Russian-Chinese trade is to develop cross-border trade. This will be supported, first of all, by the planned development of the basic infrastructure of the region - modernization of border crossings, construction of highways, bridges across the Amur, Argun and Ussuri Rivers, development of railway transport, creation of the necessary banking infrastructure capable of ensuring free conversion of the yuan into the ruble and back everywhere in the territory of the Russian Federation and the PRC. This requires state support in Russia in order to ensure the necessary coordination of the regional development strategy between the Russian Far East and Siberia and the old industrial base of the Northeast of the PRC, including within the framework of the SCO.

Summing up, A.V. Ostrovsky stressed that, in general, the economic development plan adopted by the Chinese leadership for 2009 allows the country to mitigate the most serious consequences of the global crisis and prevent the transition of the financial crisis to eco in China-


* In March this year, the World Bank lowered its forecast for China's GDP growth in 2009 to 6.5%. ed.).

page 4

to expand domestic demand and maintain high rates of economic development in comparison with other countries of the world.

CONFRONTATION BETWEEN "PRE-CAPITALIST" AND "PRO-SOCIALIST" FORCES

The success of the Chinese economy over 30 years of reforms demonstrates the viability of the Chinese model of transition from a planned to a market economy, which is associated with a large role of state regulation and a significant amount of investment programs for the country's development.

Doctor of Economic Sciences L. I. Kondrashova in her report "The impact of the global crisis on the strategy of socio-economic development of the PRC" noted that over 30 years of reforms, China has made great progress towards creating a market and "open" economy, but the ultimate goal of reforms-to reach the level of developed countries in economic and institutional terms-has not been achieved. completed.

The preservation of the" socialist core " of Chinese society is evidenced by the important macro-regulatory role of the state, as well as the partocratic political regime based on the extensive apparatus of the CCP.

This non-compliance with the criteria of liberal market reforms made it possible to maintain the mobilization type of economic growth, to benefit from the preservation of cheap labor, to avoid splitting the country and destabilizing the political situation. Researchers in the 30-year reform experience group of the Chinese Autonomous Region are now proud to note: "One of the main reasons for China's success in implementing economic reform is that it has not followed a market model that primitively copies Western norms" (Jingji Yanjiu, 2008, No. 9, p. 4).

In China, there is a certain disillusionment with the market system, which has led to a number of negative consequences (property inequality, regional differences, environmental degradation, etc.). In these conditions, the confrontation between "pro-capitalist" and "pro-socialist" political forces has become more acute.

Officially, the policy of "deepening" the reforms continues, which implies further reform of the public sector, continued privatization, increased financial sector reforms, and a shift of attention to political reforms under the slogan of "democratization".

This trend is opposed by advocates of the" special path " of China's development, who emphasize the need for a more cautious attitude towards the country's integration into the world market, modernization of traditional industries, primarily agriculture, creation of modern infrastructure, improving the quality of the labor force with higher wages, and development of healthcare and education. They question the expediency of further market transition, which contradicts the postulates of Marxist teaching.

The 16th and 17th Congresses of the CPC made a number of proposals to transform the Chinese model of market economy towards its social and environmental orientation. The transition from a predominantly extensive to a predominantly intensive type of development was announced, with increased attention to advanced technology industries and improving the quality of the workforce, but all this does not go beyond correcting the previous development model.

According to L. I. Kondrashova, the global crisis may push the Chinese leadership to make certain changes to the current development strategy. Thus, a drop in economic growth is likely to force a U-turn towards agriculture and infrastructure sectors. Lower demand in the global market will help to increase the role of the domestic market. Reconstruction of a powerful infrastructure for servicing the external market will reduce property differentiation. The growth of urban unemployment that accompanies the crisis makes it possible to expand migration from the city back to the countryside, and to mitigate social tensions in cities. The forced strengthening of the role of the state will facilitate the implementation of state programs.

The main directions for the further course of Chinese reforms are:: strengthening the socialist vector of development; reducing the pace of industrialization (turning to the development of agriculture and infrastructure construction); shifting the focus from the external market to the domestic one; intensifying reforms in the monetary and banking sectors; expanding domestic consumption (mainly through housing construction, education and health development); launching political reform (reform of the administrative apparatus and public administration). introduction of grassroots democracy); stabilization of the course towards public-private partnership.

In the report of Doctor of Economic Sciences L. V. Novoselova "China: investing in overcoming the crisis", the main causes of the crisis phenomena observed in the Chinese economy in recent months were analyzed, the nature of which, according to the author, is not limited to the impact of the global crisis alone. The current decline in economic activity in China is primarily reflected in the slowdown in exports and attracted foreign investment, a decrease in investment activity in certain sectors of the economy, and the depressed state of the stock market.

The Chinese government's package of anti-crisis measures includes the use of special tax and monetary policy tools, the liberalization of the foreign trade regime and customs policy, targeted measures to stimulate domestic investment and consumer demand, support for small and medium-sized businesses, and the implementation of large-scale investment programs to revive and restructure the national economy.

V. V. Zhiguleva, Ph. D. in Economics, spoke about the expansion of China's domestic market as one of the ways out of the international financial crisis. She described three types of demand: investment, export and consumer, the latter developing largely at the expense of more affluent segments of the population.

Currently, anti-crisis measures are mainly aimed at increasing domestic consumer demand.

But here we can note a number of negative points. Consumption of real estate and cars is limited by high prices for them (in the city there are 6 cars per 100 families, in the village-1 car). Consumer demand for other durable goods-

page 5

The demand is almost met (for example, in cities there are 134 TV sets per 100 families, in rural areas - 94). The population is accumulating funds in banks - 50% of the population's income is not used as investments or to meet consumer demand. It is necessary to move to a higher level of consumption.

According to the author, the state is on the right track, implementing the following anti-crisis measures:: 1) increase subsidies for the purchase of housing; 2) improve the social security system; 3) create conditions for the full expansion of consumer demand in the countryside, in particular, the purchase of household appliances on a large scale in rural areas.

A.V. Pickover's report "The economic crisis as a catalyst for the development of electronic commerce in China (on the example of diamond trading)" provided interesting facts about new trends in the change of the consumer market in China, in particular, the growth of consumption of expensive goods. In 2008, car consumption increased by 19%.

FIGHTING UNEMPLOYMENT

Ph. D. in Economics V. V. Chuvankova's report "Increasing the role of private entrepreneurship in the Chinese economy in the context of the global financial crisis" analyzed one of the main strategic goals of the Chinese government's social policy - ensuring employment of the population. The economic downturn that began in China in mid-2008 has led to a decline in employment growth, and unemployment is becoming one of the most important problems that need to be urgently addressed.

Individual and private entrepreneurship is now seen in China as an essential tool that can counter rising unemployment, play a positive role in boosting domestic demand, and promote sustainable and rapid economic development in the country.

In the last months of 2008 and early 2009, the PRC held a number of meetings and inspection visits to various regions of the country in order to clarify the current situation and develop anti-crisis measures to stimulate the economy, which should help maintain stability in production and the labor market. Special attention was paid to the development of measures aimed at supporting and encouraging the development of private entrepreneurship, reducing the threshold for their access to the domestic and international markets by expanding concessional lending and taxation, structural adjustment, and improving business methods. Priority attention was paid to the promotion of science-based management methods, increasing innovation capacity, increasing the share of high-value-added products, saving resources and protecting the environment. State subsidies and subsidies to individual and private enterprises are provided for additional provision of jobs to persons whose employment remains difficult (women over 40 years old and men over 50 years old, disabled people, demobilized military personnel, university graduates, etc.). Additional benefits are supposed to be provided to people intending to engage in independent business.

V. V. Chuvankova emphasized that thanks to the measures taken by the Chinese leadership to combat unemployment and stimulate small and medium-sized businesses, by the end of 2008 the number of individual enterprises and their employees, as well as their economic potential, continued to increase, although in general, the development indicators of private enterprises from the third quarter of 2008 showed a slight decrease.

AGRICULTURE IN CRISIS

Dr. Boni devoted her report to the anti-crisis measures of the Chinese leadership in the agricultural sector. In her opinion, the direct impact of the global crisis on China's agricultural economy is already noticeable. It manifests itself in a reduction in Chinese exports of labor-intensive products, a decrease in employment at enterprises in coastal provinces, an increase in the number of unemployed migrant workers and their partial return to the countryside, a problem of employment, and a reduction in the income of many peasant families.

The number of unemployed migrants who returned to the village by the end of January 2009 was about 20 million. In addition, about 5 million people were going to go to work in the city, but remained in the countryside. Thus, the total number was about 25 million people.

The global crisis has shown the fragility of the Chinese economy in several sectors, especially in those that are closely related to the country's agricultural economy. Until recently, exports and investment remained the main drivers of economic growth. The global crisis has shown the shortsightedness of a one-sided emphasis on these two factors. It is no coincidence that the main direction of the anti-crisis program of the Chinese government is called the expansion of domestic demand, which provides for a whole range of measures, including those related to the expansion of domestic demand in the village.

In continuation of the agrarian theme, Candidate of Economic Sciences L. A. Volkova in her speech focused on the problem of the possible impact of the crisis on the solution of social problems of the village. She believes that the generally stable development of the agricultural sector in 2004-2008 created favorable conditions for mitigating the negative consequences of the crisis in the social sphere of the village.

The globalization of the economy, including in the agricultural sector, which has made China's agriculture closely linked to the world market, has allowed the country's agricultural sector, on the one hand, to participate in the global division of labor, increase revenues from agricultural exports and meet the needs of the domestic market for scarce products, and on the other, has supplied producers and consumers within the country in a certain dependence on the situation on the world market. China ranks 5th in the world in terms of total exports of agricultural products.

China is the world's largest importer of legumes, as well as vegetable oil and cotton. In 2007, the import of soybeans amounted to 38.2 million tons, the import of vegetable oil - 8.4 million tons.

In the context of the escalating crisis, the Chinese leadership, as noted at the 3rd plenum of the 17th CPC Central Committee (October 2008), decided to focus on internal problems and, above all, the situation in the countryside. It is planned to take measures to increase the incomes of farmers and stimulate the growth of their consumption expenditures, as well as to increase the level of financing both in the production sector (including direct producers) and in the social sphere - education, healthcare, and infrastructure construction in rural areas.

The impact of the global crisis is already there

page 6

This affected the situation of farmers who had previously gone to work in the cities: many light and textile enterprises, located mainly in the coastal areas of the south-east of the country, were closed during 2008 due to reduced demand for their products. Out of work, the former peasants moved to other cities and rural areas, posing a certain threat to social stability. In a number of districts, emergency measures are required to address the problems of this part of the predominantly rural population, as well as additional financial costs.

In her speech, E. I. Kranina, Ph. D. in Economics, described the state and prospects for the development of the Chinese livestock and water industry economy in the context of the global financial crisis.

In order to increase the efficiency of agricultural production and improve the well-being and health of the population, funding is being increased for targeted programs in the meat, dairy and aquatic industries; specific measures are being taken to determine the optimal strategy for bringing them to a higher level of profitability.

In an effort to ensure political and economic stability, maintain national food security, and achieve the main goal of building a society of average prosperity and social harmony, the Chinese leadership has identified the agricultural sector as a priority area for the development of the national economy.

MEASURES FOR THE DEVELOPMENT OF INDUSTRIAL PRODUCTION

Ph. D. in Economics Z. A. Muromtseva in her speech focused on the deterioration of industrial growth conditions in China as a result of the global crisis. She noted that China's industrial production now accounts for half of the country's national economy, which is 60% dependent on export-import operations. In the fourth quarter of 2008, China's industrial production declined significantly compared to the previous three quarters of the year. In November 2008, industrial production increased by 5.4%, which was 11.9 percentage points lower than in 2007. In June 2008, industrial growth reached 16%.

Anti-crisis measures include concentrated support for nine industrial sectors, increased loans, provision of loans, promotion of new technologies, restructuring and consolidation of production, settlement of export taxes on products, reduction of import tariffs on raw materials, and purchase of finished products by the state.

The anti-crisis measures taken by the PRC are directly related to the real economy and the country's long-term socio-economic development program. They relate not only to China's internal problems, but also to relations with Taiwan, Hong Kong, and countries such as Japan and South Korea.

Candidate of Economic Sciences I. A. Petukhov in his report focused on the industry of new and high technologies in the context of the global crisis. He noted that, as part of the global economy, the Chinese industrial system is being affected by the global crisis and is currently facing the most acute problems in the last few years: the development of industrial production is slowing down, raw material prices and needs in the transport services market are falling, and the growth rate of import and export volumes is falling.

In the first ten months of 2008, exports of traditional goods such as clothing, textiles, footwear, and furniture slowed down. At the same time, exports of electromechanical products, electrical equipment, mechanical equipment, and high-tech products totaled $ 350.75 billion (an increase of 19.6%).

Economically developed provinces of China are more successful in overcoming the crisis situation. Suzhou Industrial Park (Jiangsu Province) maintains a positive development trend. The main reason why the park successfully copes with the impact of adverse factors is that the park includes many competitive high-tech enterprises. Large companies and multinational corporations do not withdraw investments made in China. It is expected that the total volume of foreign investments attracted in 2008 will amount to more than $ 90 billion. China understands that advanced technologies and innovative policies will ensure sustainable and progressive development of the industry.

Candidate of Economic Sciences A. G. Mikhashchenko in his speech noted that the rapid and successful development of the textile industry has contributed to China's entry into the world's leading textile export countries. Cheap labor and the use of labor resources with low skill levels contributed to improving the competitiveness of Chinese textiles.

The slowdown in growth and crisis phenomena in this industry began at the end of 2007. The reasons for this were: the strengthening of the yuan; the 2008 Olympics (followed by the closure of many textile and dyeing enterprises for environmental reasons at the request of the International Olympic Committee; half of them have not yet been restored; the cost of dyeing has increased by 40%); high taxation of textile enterprises; a 26% decrease in foreign investment in this industry; dependence on cotton imports.

SOLVING TRANSPORT PROBLEMS

Ph. D. S. L. Sazonov's presentation "Development of the transport system of the People's Republic of China in times of crisis" began with the statement that by now 90% of China's transport problems have already been solved.

In the field of railway transport, new railways are constantly being built at the level of the highest international standards. An example of this is the construction of a new Beijing-Shanghai railway line with a length of 1,318 km, where trains will run at a speed of 350 km per hour. The new road is of great strategic importance, as it passes through areas of new and high technologies with high population density.

But an even more expensive project was the recently completed construction of the Golmud-Lhasa railway from Qing Province-

page 7

hai to Tibet with a length of 1,100 km. Since its launch, tourism revenues in Tibet have increased by 100%. The great social significance of this road lies in its exceptional role in the successful implementation of the program of development of the western regions of China, overcoming the isolation of these vast and rich in natural resources territories from the eastern part of the country.

In China, a point - by-point solution to the transport problem is being practiced-in recent years, great attention has been paid to the development of transport corridors from the West and Northwest to the South and East to pull the backward western regions to the level of a developed coastal zone. Therefore, when allocating funds, 40% is allocated to the eastern regions and 60% - to the western ones. It is planned to build a new railway from Tibet through Yunnan Province to Guangzhou. If in the mid-1990s the length of railways, where trains ran at speeds of more than 200 km per hour, was 6220 km, by 2050 it is planned to increase their length to 50 thousand km.

Construction of roads is underway in 4 categories: the lowest, 4th-with a capacity of 6 thousand cars per day, the highest-with a capacity of 50 thousand cars per day and a width of 12 lanes.

80% of the cars produced are consumed domestically. Car production is growing by 800,000 units annually, and in 2008 China produced a total of 9.3 million vehicles of all types, including passenger cars - 5.03 million units.

As an anti-crisis measure to support the national automobile industry, taxes on car use were abolished, and prices for "people's cars" were reduced from 9 to 7 thousand yuan. In China, the import of used cars (except for antiques) is prohibited.

During the implementation of the 11th five-year plan, Beijing Airport's Terminal 3, which was commissioned in February 2008 and covers an area of 902,000 square meters, is a strategic redevelopment project, with a capacity of more than 60 million people. This indicator exceeds the total volume of passenger traffic of the two currently operating terminals. Like other industries, the transport system is not without its own problems: logistics - cargo handling is lagging behind (up to 30% of agricultural products are lost during transportation); rural roads need to be developed more intensively.

Summing up, the speaker expressed the opinion that the threat of a crisis for China's transport industries is small; most of all, the crisis will affect sea transport, which is associated with the transportation of export goods. With a high degree of probability, we can predict the opposite, positive trends due to the fact that infrastructure industries (especially railways and highways) will be the object of increased investment and development during the crisis.

CHINESE ECONOMIC SCIENCE ON THE CURRENT CRISIS

O. N. Borokh, Ph. D. in Economics, in her report "Studying the Global Financial Crisis by Chinese Economists", noted that the impact of the crisis on China's development is in the focus of researchers ' attention.

Lessons from past economic crises in other countries are widely discussed. The article examines the decisions that are currently being made abroad to combat the crisis, and assesses their applicability in Chinese conditions. Scientists raise the question of developing a set of measures to overcome the negative impact of the global crisis on the development of the PRC, including making necessary changes to the transformation strategy for the long term.

The greatest attention is paid to studying the causes and consequences of the crisis, predicting its further development (the timing of stabilization of the global economic system, the transition from a recession to a resumption of growth). The impact of the crisis is discussed from the perspective of highlighting challenges and opportunities, that is, finding threats to the country's development, along with opportunities to strengthen China's position in the global economic system. Chinese scientists are trying to find theoretical concepts in the world economic science that can be used to understand the current situation and develop a strategy for getting out of it. An in-depth analysis of the impact of the crisis on a possible change in China's place in the global economic system is carried out, and the assessments and forecasts of Western experts are criticized.

The report "The global financial crisis and the role of Marxism in China" was made by Doctor of Economic Sciences E. Pivovarova, who noted that the interest in Marxism as a scientific school is not weakening in the PRC. In Hu Jintao's speech to the 17th CPC National Congress in October 2007, "Carrying high the great banner of socialism with Chinese characteristics, fight for a new victory in the complete construction of a middle-class society" spoke about the need to shift the burden of work from the class struggle to economic work, called for building socialism with Chinese characteristics on the basis of the legacy of Marxism-Leninism, to turn the ideas of Marxism to the practice of a particular country.

There is a state-regulated economic system, where social control over production is carried out, the results of which are aimed at satisfying the interests of workers. Given the existence of state control in the economy, China expects less than other countries to suffer from the global crisis.

* * *

In his closing speech, Doctor of Economics A.V. Ostrovsky noted that over 30 years of economic reforms in China, solid foundations have been laid for further socio - economic development, and the implementation of the goals set for building the Xiaokang society-the "small welfare society".

To a certain extent, the crisis affected some sectors of the Chinese economy, mainly export-oriented, primarily the textile industry and certain areas of agriculture. But in general, largely due to the successful implementation of reforms and timely anti-crisis state measures, the impact of the crisis on the socio - economic development of the PRC is not yet predicted to be as significant as in other countries, and the way out of the crisis is faster and with recoverable losses.

China remains one of the most promising countries in terms of economic development in the XXI century, but now it does not express any intentions to become the locomotive of the world economy in times of crisis.

The review was prepared by Candidate of Economic Sciences E. S. BAZHENOVA


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