Libmonster ID: CN-1325
Author(s) of the publication: V. G. GELBRAS

30 years ago, in December 1978, the 3rd Plenum of the CPC Central Committee of the 11th convocation adopted a decision that ushered in an era of " reform and openness."

Reforms and the policy of openness were carried out gradually, in the course of searching for ways and forms of their implementation, awareness of achievements and omissions, overcoming problems and contradictions that arose at each new stage of solving the tasks set. Sometimes it was necessary to significantly change many attitudes, clarify the existing ideas about the processes that took place in the country and in the world. Over the years, China has undergone huge changes that are rightly called "historic" in the country and abroad.

The PRC has approached the current global financial and economic crisis with a high degree of integration into global trade and economy.

V. G. GELBRAS

Doctor of Historical Sciences

The turmoil in the global economy is a serious test of strength for China and its development model, which may have to make important adjustments to overcome the accumulated problems faster. The experience of three decades of successful reforms is an invaluable asset that can be useful even in this difficult situation.

FIRST STEPS

The first stage of socio-economic renewal of the country lasted from 1979 to 1984. Its main achievement is the completion (or rather, the end) of the "cultural revolution" and the transition to solving urgent problems of the country's development. This was announced by the 3rd plenum of the Central Committee of the 11th convocation. The authorities ensured normalization of the situation in all areas of public life after the devastating "cultural revolution", but the plenum did not provide for any innovative measures, let alone revolutionary transformations. The plenum declared a categorical rejection of the ideological and political dogmas of the party during the "cultural revolution" period. The development of productive forces is placed at the center of activity. The party's economic policy was conceived in strict accordance with the traditional norms of a planned economy. At the same time, the plenum's communique contained phrases that anticipated the scale and depth of subsequent transformations "similar to the revolution".

Confirmation of the country's strategic development goal was of great importance. The Plenum demanded "with complete unanimity to further develop the political environment of stability and cohesion, immediately mobilize and, exerting all our strength and energy, make a new great campaign for the transformation of our country into a modern socialist power by the end of this century." Deng Xiaoping was more radical: "By the end of the century, we must reach and surpass the world's advanced level, that is, within 22 years, pass the path that others have passed in 40-50 years and even more1 All subsequent activities of the authorities over the past 30 years have been devoted to achieving such a large-scale goal.

Meanwhile, a spontaneous peasant movement began in the country. According to official figures, 250 million peasants were starving at that time, and probably no fewer of them were forced to lead a half-starved existence. The peasantry sought to abandon the equalizing distribution of labor results within the framework of "communes" and move to an equalizing distribution of land.

The authorities could not agree to this demand for a long time. It was very contrary to the Marxist-Leninist dogmas and ideology of the party. However, convinced of the positive results of the peasant initiative, in 1984 the party announced the assignment of contract land plots to peasant households. The "communes"," big "and" small " brigades were disbanded. Thus, the old ideas about "people's communes" as a ready-made form of transition to communism are consigned to oblivion.

Volost authorities have been restored. Instead of the agrarian reform that was granted as a result, the-

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In the 1950s, land ownership was granted to farmers to manage on contract land plots. The land itself outside the cities was declared the property of the"collective of rural residents". What was meant by the collective of rural residents-the population of a village, parish, or county? This concept has not been specified yet. The preservation of collective ownership of land made it possible to declare the farmstead contract part of the socialist economy.

The second stage covered 1984-1992. In 1984, the strategic task of economic growth is specified. By the end of the century, it was planned to achieve a 4-fold increase in GDP and ensure China's entry into the world's leading economies.

The 3rd Plenum of the Central Committee of the 12th convocation decides on economic reform. It proclaims the transition to the creation of a planned-market system of economy in the country under the motto "the plan is the main thing, the market is auxiliary". In practice, contract forms of economic relations in the financial system, in relations between government bodies and enterprises, between enterprises and other structures of the real sector of the economy have become widely used. Small and medium-sized enterprises were allowed to rent out, transfer to the ownership of the labor collective, and on a contract basis-to private individuals.

TWO PRICE LEVELS

The rights of state-owned enterprises have been expanded. They were allowed to produce over-planned products after the plan was completed and independently sell them on the market. A "two-level" system of prices was introduced: state, planned and contractual, market prices. These norms have led to the emergence of a variety of relations between government and management bodies, producers, sales organizations and consumers, and at the same time the spread of speculative and illegal business operations that contributed to a rapid increase in prices.

The state has set a course for a sharp increase in the growth rate of the economy. The rise in agricultural production and the collection of maximum amounts of basic crops in 1984 were a powerful factor in reviving the entire economic life of the country, significantly raising the standard of living of the population, especially the peasantry.

A large number of complete equipment is imported into the country, which allowed creating completely new branches of heavy and light industry. There is a production of black-and-white, and then color TVs, air conditioners, elevator facilities and many other goods.

In 1987, three years ahead of schedule, GDP increased twice as much as in 1980. Thus, the first important strategic goal was achieved.

To ensure the accelerated growth of production, the state sharply increases investments in fixed assets, introduces an excessive mass of liquid funds into the economy, which causes a sharp increase in prices. As a result, riots broke out in 1989. The largest demonstration in Beijing's Tiananmen Square was suppressed with the help of the army. 1989-1992 were the years of confusion of the authorities, slowing down economic transformations, restoring order in the economy and resolving the problems that arose.

TRANSITION TO THE "SOCIALIST MARKET"

The third stage covers 1992-2002. In 1992, the focus on the "planned-commodity" economy was abandoned. The country is moving towards building a "socialist market economy" and implementing a strategy of export-oriented economy. Painstaking work begins on modernizing the fundamentals of economic activity of enterprises and their relations with government bodies and the financial system. The inflow of foreign capital to the country is stimulated. Districts for the production of export products are being created. Foreign direct investment is concentrated in areas of export production. The majority of national investments are directed to these regions. The orientation of enterprises ' activities to meet the needs, primarily of the foreign market, has caused many changes in the system of mastering new equipment and technologies, in the internal factory management. A system for studying the world market has emerged. The export orientation of the economy gets a broad interpretation under the slogan "Go outside!" The export of capital begins.

The export orientation of the economy required the concentration of huge funds for the creation and expansion of export production areas. The increase in export production has led to the transformation of exports into one of the main pillars of economic growth. At the same time, there was a delay in the growth of the economy in the inner regions and the development of industries designed to meet domestic demand and the domestic market. The population's income growth has slowed down. The authorities have extremely limited support for agricultural production, the countryside, and the peasantry, increasing the withdrawal of resources from the agricultural sector.

In 1995, five years ahead of schedule, GDP was doubled again. Thus, the next strategic goal of economic growth was realized.

The country has a system of enterprises owned by the state and non-State owners. The formation of private entrepreneurship is taking place. The system of lifelong employment is being destroyed. In order to increase production efficiency, state-owned enterprises have begun to release excess personnel. There was a need to create social insurance and social security systems, eliminate many political, economic and social barriers between enterprises of different forms of ownership, between the population of the city and the state.-

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be jealous. Farmers were able to find work in the cities. Strong migration flows have emerged within the country.

The fourth stage. 2002-2008 marked the beginning of a new stage of industrialization. On the one hand, the "Go Outside!" strategy continued to be implemented, which required further development of export potential. Its growth rate was so high that the country had excessive production capacity in some branches of heavy industry. On the other hand, the development of industry was constrained by the underdevelopment of the domestic market and the lack of strong domestic demand.

China's accession to the WTO caused changes in the development of industry and its export orientation. Experiencing a shortage of many resources, seeking to master new international markets, China has officially started "transnational management", the formation of its own multinational corporations, and active actions in the global capital markets, raw materials, and product sales. One of these measures was the conclusion of an agreement with the ASEAN countries on the creation of a free trade zone within 10 years.

Since the mid-1990s, work has been underway to create a "system of modern enterprises". Its purpose and content were determined by the needs of transformation of state-owned enterprises, as cells of a single state planned economy, into independent economic structures owned by the state. In March 2003, the State Committee for Control and Management of State Property was formed as part of the State Council of the People's Republic of China. Its organs are formed at the provincial level and in many cities. In companies and large enterprises where the state is the sole or main owner, boards of directors and other management bodies are established to make independent decisions, organize the management of economic activities and ensure control over the implementation of decisions, and improve production efficiency. Competitions have been launched to replace senior positions in companies and large enterprises with domestic and foreign specialists.

The state is actively freeing up some small, medium-sized and inefficient enterprises, focusing its attention on economic structures with an annual income of $ 5 million or more. RMB. They received the name "excess". Number of" excess " industrial enterprises in 1998-2007 The number of state-owned and state-controlled "excess" enterprises has increased almost 2-fold, while the number of state-owned and state-controlled "excess" enterprises has decreased 2-fold. Their share in the total value added of "excess" enterprises decreased from 77.6% in 1978 to 29.5% in 2007.2

In 2007, the value added of" excess " enterprises increased by 2.7 times compared to 2000, including state - owned and state-controlled enterprises-by 1.9 times.3

Despite a significant reduction in the number of enterprises, the state has maintained a monopoly in the financial and banking system, in the energy sector, in the production of electricity, its distribution throughout the country, in water supply, gas supply, transport and postal services.

In 2007, the share of state - owned and state - controlled enterprises in oil and gas production, electricity and heat production accounted for almost 97% and 91%, respectively, in oil refining, foundry production and nuclear fuel processing - 75.5%, in the production of transport equipment - less than 50%, in ferrous metallurgy and stamping production - 42%, in non-ferrous metallurgy-32%. 82.8% of the assets of state-owned enterprises of central subordination are concentrated in only 8 industries. Among them are the oil and petrochemical, electric power, defense, information, transport, mining, metallurgical and machine-building industries.

The distribution of industrial enterprises by form of ownership has changed. Only 0.8% of "excess" enterprises are large. In 2007, state-owned and state-controlled enterprises accounted for 6.1% of "excess" enterprises, but they had almost 45% of all assets, received about 40% of profits, and paid 44% of value-added tax.

The number of private "over-the-norm" industrial enterprises grew at an astonishing rate. The most interesting thing is that even before the official inclusion of the idea of "three representative offices "in the ideological and political platform of the party, the number of" excess " private industrial enterprises increased almost 3.8 times. In 2007, they accounted for 51.5% of all large and medium-sized "excess" industrial enterprises. In the same year, almost 53% of "excess" enterprises were owned by national private capital, 20% - by foreign capital. The former accounted for 23.2% of the gross output of this group of enterprises, while the latter accounted for 31.5%.

2002-2008 were a period of assessing the achievements made, analyzing the existing problems and contradictions, and developing strategic directions for the further development of society and the state.

The achievements of the previous period are huge. China began to produce 5-6% of the world's GDP. It is planned to increase GDP by 4 times again by 2020 and take a dominant position in the global economy. It is planned to achieve a significant increase in the level and quality of life of the population.

A high price has been paid for the achievements made over the past 30 years. Regional differentiation of development has deepened in the country, and there is a gap in the level of socio-economic and cultural development of cities and villages. The growth of the material and cultural level of a significant part of the population has slowed down, and a very complex complex of social problems has emerged.-

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social problems and contradictions. The country has developed areas of strong export production, but at the same time - extensive zones of environmental disasters.

In 2002 - 2008, an incomparably broader and in some respects comprehensive vision of the necessary solutions capable of ensuring further development was gradually developed.

2008 opens a new, fifth stage in the era of "reform and openness". The 3rd plenum of the Central Committee of the 17th convocation adopted a decision that is characterized in China as a "milestone", "key", opening a new historical period of development. Such conclusions are valid. It is planned to "basically create a single mechanism for the socio-economic development of cities and villages"by 2020.

It is declared that the city and industry should help the socio-economic development of agriculture, the countryside, and a significant increase in the level and quality of life of the peasantry. It is necessary to carry out grandiose transformations in terms of scale and depth, especially in the countryside.

The planned plans are long overdue. As one Chinese publication puts it, "in some places, a city is like Europe, and a village is like Africa." And then: "Without the achievement of' little prosperity 'by 800 million peasants, there can be no universal 'little prosperity', and without harmony in rural society, there can be none of the harmony that we seek. " 4

Village society is planned to be reformed. One of the directions of transformation was the assumption of the transfer of management rights on a contract plot to a subcontractor, lease, use it as a mortgage or share in cooperative structures. On the one hand, these measures are designed to promote the enlargement of fields that are microscopic, and the release of labor from agriculture. On the other hand, 184 million people in the country were fully or partially unemployed in 2007-2008. Most of them are farmers trying to find a living in the cities. In the conditions of underdeveloped social security and social insurance, a contract allotment is a guarantee of survival in the event of a difficult situation. It remains unclear what will happen to the business right transferred as a share or mortgage in the event of bankruptcy or inability to pay for the loan taken out. There are many other questions that should be answered by the upcoming legislative consolidation of the decision of the 3rd plenum of the CPC Central Committee and the practice of its implementation.

One thing is clear so far: a new phase of large-scale transformation is beginning in China. They are planned to be implemented while maintaining the export orientation of the economy.

CHINESE "MIRACLE"

The rapid economic growth was seen by many observers as a miracle. Just as in the past, the success of the economic recovery of Japan, South Korea, and Taiwan was similarly evaluated, China is now being enthusiastically talked about. The economic recovery that has taken place in such a large and recently backward country is of great importance. It attracts close attention and commands respect.

In fact, no "miracle" occurred. No one has sent China economic growth, the achievements are created with the help of their own gigantic efforts and the influx of foreign investment.

Let's try to identify the basic foundations of the Chinese model of economic growth.

The model of economic growth in China is primarily determined by the dominance of the state in all areas of public life. It subordinates its decisions to the strategy and specific policies of the Communist Party. The State acts as the supreme owner of land and natural resources, as the owner of the most important links in the main sectors of production and services. It is the creator and owner of almost the entire banking system, the head of the financial system.

State-owned commercial banks account for 52% of the country's banking assets. Another 8% of all assets are held by state-owned "political" banks.5 The government has a significant share in the assets of regional banks and financial institutions. The state also acts as an economic entity that directly carries out the largest investments in fixed assets of the country. Through budgetary and extra-budgetary funds in the 2000s. It invested more than 20% of GDP (23.8% in 2007). As for the activities of state "political" banks, they practically play the role of the second state budget.

Ultra-high savings were supplemented directly-The next constituent element of China's economic growth model is ultra-high savings. In the 1986-2000 - ies, investment in fixed assets exceeded 30%. In 2005, relative to nominal GDP, they exceeded 48%, and in 2007 they reached 55%!6 No country in the world has ever allowed itself such high savings over a long period of time. Naturally, less than 40% of GDP was spent on consumption.

Share of export production areas in fixed capital investment, 2001-2006 gt. (as a percentage of the total by year) 9

 

2001

2002

2003

2004

2005

2006

1. Zhujiang River Delta (Guangdong)

9,4

8,9

8,7

8,3

7,9

7,4

2. Fujian

3,2

2,9

2,7

2,7

2,6

2,7

3. Changjiang River Delta (Shanghai, Jiangsu, Zhejiang)

20,6

21,0

22,4

21,8

20,5

19,6

4. Bohai Bay Area (Beijing, Tianjin, Liaoning)

9,8

9,7

9,5

9,6

9,6

9,8

5. Shandong

7,5

8,0

9,6

9,9

10,5

10,1

Total for five districts

50,5

50,5

52,9

52,3

51,1

49,6



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Structure of legal entities in export production areas, 200710

Districts

Agricultural industry

Industry and construction

Service sector

 

Structure by region (in %)

1. Zhujiang River Delta (Guangdong)

0,7

35,5

63,8

2. Changjiang River Delta (Shanghai, Jiangsu, Zhejiang)

0,8

42,8

56,4

3. Fujian

1,8

34,6

63,6

4. Bohai Bay Area (Beijing, Tianjin, Liaoning)

1,1

25,0

73,9

5. Shandong

1,0

37,1

61,9

 

Total, by country (in %)

Share of legal entities in export-producing areas

38,6

62,5

37,1



foreign direct investment (FDI) in the development of export production. Between 1979 and 2007, $ 760.2 billion was used. Foreign direct investment (FDI) of $ 26.2 billion on average. annually. At the end of 2007, "excess" enterprises with foreign capital generated more than 30% of gross industrial output, accounting for more than half of exports and imports7. They produce 69.4% of all products intended for export.8 Due to increased export production and import of raw materials, semi-finished products and components, the share of exports and imports in GDP increased from 9.7% in 1978 to 66.8% in 2007. Even in countries such as the United States and Japan, which play a leading role in world trade, the share of exports and imports in GDP does not exceed 20-30%.

Ultra-high accumulations are used to form export production areas (REPS). During 2001-2006, over 50% of all fixed capital investments were directed to 5 such districts.

During 2001-2005, these regions accounted for almost 34% of the country's total fixed capital investment in agriculture, 63% in industry and construction, and about 61% in the service sector. It is clear that the rest of the country was financed on a residual basis, which led to its slow development.

REPS have become the focus of the most active and multi-faceted business and economic activity in the country. In total, almost 40% of legal entities in agriculture and services are concentrated in 5 districts of the country, and more than two-thirds-in industry and construction throughout the country.

Another part of the primary investment was directed to the urban economy, especially in real estate. The lion's share of them was again used in areas of export production. Particularly rapid expansion of the real estate sector has taken place in the last few years, making it an important driver of economic growth. The country's cities began to transform rapidly, taking on a European look. The entire urban economy system has been modernized. Cities have developed a well-developed transport system. In 2007, 63,000 real estate companies and 17.2 million employees created more than 5% of GDP."

Another result of the real estate boom was a rise in housing prices.

It is easy to see that modernization has led to changes in the production and lifestyle of citizens. However, the lives of 800 million rural residents remained virtually unchanged. The creation of REPS and the rapid expansion of export production is the main engine of growth for the entire economy. Over the years, they have generated more than half of GDP, which indicates a slow development of other regions of the country. REP has the most qualified labor force in the country, the most experienced engineering and management personnel, and, accordingly, the most developed production apparatus. It is important that these districts are the scientific and educational center of the country. Their economy is connected with the world economy to an incomparably greater extent than with the internal regions of the country.

In recent years, an increasingly important role has been played by national private production, which has become the most active part of the economy. It is noteworthy that after the admission of private entrepreneurs to foreign trade operations, they began to rapidly increase their participation in the most complex projects.

Scale of investment in urban economy and real estate 2001-2007 (%of GDP)12

Years

Investments in fixed assets

Total

To the city's economy

Total

To real estate

1996 - 2000

32,8

25,8

4,5

2001 - 2005

41,7

34,6

7,5

2006

51,9

44,1

9,2

2007

55,0

47,1

10,1



REP in GDP creation, 2002-2007 (in % of GDP)13

 

2002

2003

2004

2005

2007

1. Zhujiang River Delta (Guangdong)

8,9

8,7

8,3

7,9

6,8

2. Changjiang River Delta (Shanghai, Jiangsu, Zhejiang)

21,0

22,4

21,8

20,5

18,3

3. Fujian

2,9

2,7

2,7

2,6

3,1

4. Bohai Bay Area (Beijing, Tianjin, Liaoning)

9,7

9,5

9,6

9,6

10,0

5. Shandong

8,0

9,6

9,9

10,5

9,1

Total for 5 districts

50,5

52,9

52,3

51,1

47,3



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Domestic trade and savings, 1980-2007 (as % of GDP) 14

 

1980

1985

1990

1995

2000

2005

2006

2007

Domestic trade turnover

47,0

47,8

44,3

38,8

39,4

36,7

36,1

35,8

Savings of the population

8,8

18,0

38,0

48,8

64,8

77,0

76,3

69,1



different types of transactions. The volume of their export operations began to grow especially intensively. Back in 2000, the share of Chinese private capital in the country's exports was only 1%, and in 2007 it was already 11.7%.

Capital exports are also beginning to play a significant role in China's economic growth model. In 2005, it amounted to $ 12.3 billion, and in 2006, it reached $ 21.2 billion. and in 2007 - $ 18.7 billion.

The increase in national private capital and capital exports resulted from a logical modernization of the economic growth model.

The slow increase in the national welfare began to determine its essential part. There is a lot of talk about the continuous improvement of wealth in China. In reality, there are many visible changes in the lives of citizens, but as for the peasants, in the early 2000s, even the authorities were forced to recognize their low standard of living. However, even in the city, changes are much lower compared to the level and rate of economic growth.

To characterize the situation, we will use two indicators: the volume of domestic trade turnover and the scale of savings of the population in relation to GDP. The volume of domestic trade quite fully characterizes the income of the population spent on consumption. Another part of the income goes to savings. The indicator of domestic trade turnover reflects not only household expenditures, but also partially wholesale sales and purchases of non-industrial goods by institutions and enterprises. Nevertheless, the domestic trade turnover in a consolidated and concentrated form reflects the consumer demand of the population, due to its income.

It is noteworthy that the decline in the share of domestic trade in GDP in some years is an indicator that the economy is growing at a faster pace than the increase in trade. This means that the production of goods was not focused on meeting the population's demand. Consequently, the demand of the population did not create any impulses for the expansion of production. In other words, one of the most important conditions and at the same time the result of the export orientation of the economy was a slowdown in the growth of living standards.

For many years, the authorities did not pay attention to social security and social insurance. Commercialization has affected many aspects of public life, including health and education. In order to be able to receive medical treatment, educate children, have funds for old age, and much more, the population was forced to constantly save part of their income. The state, in turn, was and remains interested in the savings of the population - they accumulate on deposits in state-owned banks and serve as an important source of funds that serve for aggressive lending to real production. As a result, the establishment and expansion of export production received a reliable domestic financial base.

DEVELOPMENT OF THE ECONOMY AND MODERNIZATION OF SOCIETY IN TIMES OF CRISIS

The focus of the authorities on the development of the domestic market, agriculture, rural areas, and improving the standard of living of the peasantry, announced at the XVI and XVII CPC Congresses, is reflected in the program of restructuring all aspects of society and the state, adopted by the 3rd plenum of the 17th Central Committee in October 2008.

The global financial crisis has highlighted even more clearly the weak links in China's socio-economic structure. It became clear that the transition to awareness of the current problems of the country's development, which began in 2002, was a timely step. No less important are the numerous legislative and regulatory acts adopted in recent years that allow for the reform of labor relations, the creation of a social security and social insurance system, increased investment in the development of urbanization, the construction of a "new village", the modernization of health care, the education system, especially in rural areas, etc.

The problem, among other things, is what role will be played in the future by the export orientation of the economy, which has become possible as a result of the creation of a special model of economic growth. The expansion of the scale of training of qualified personnel, attention to the formation and expansion of intensive, especially innovative type of development, indicate that the Chinese leadership intends to continue to develop the export orientation of the economy, bringing it to a new, higher level of management.

The question is how to reform the model of economic growth in order to create a model of socio-economic development, and at the same time economically support the grandiose program of modernization of society and the state. The program is planned to be implemented in the period up to 2020. It is planned to create a single economic space on the scale of cities and villages, build a "new type of village", create a transport and energy infrastructure of a single economic mechanism on a national scale, and create the necessary number of industrial, medical, educational and other facilities in rural areas.

Such an extensive amount of work will require a huge investment. Naturally, the question arises: can the state give up the reserve?-

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how many savings are there? To use the huge potential of the giant domestic market in China, it is reasonable to provide for an increase in the income of the population, primarily the 800 million rural population. How can you combine ultra-high savings with increased consumption?

Equally important is the need to ensure a combination of intensive, innovative and extensive types of economy. The core of the problem is not so much the need for appropriate financial resources, but rather the fact that an intensive, especially innovative, type of economy is associated with relatively lower labor needs. Moreover, this type of economy is inextricably linked to the formation of a country's environment of search, continuous innovation, free discussion and much more, without which mass creativity is impossible. It requires a significant increase in the average level of education of the population. This task cannot be solved quickly.

At present, China has had to solve a specific set of tasks in a hurry - the global financial and economic crisis has begun to have an increasing impact on the country's economy. Since China's stock market is poorly developed, the impact of the crisis mainly affects the real economy and foreign trade.

According to preliminary estimates, China's GDP grew by 9 to 9.5% in 2008, or 2.4 to 2.9 percentage points less than in the previous year15. Since the second half of the past year, the growth of industrial production began to decline. If in October 2008 the value added of the "excess" industry increased by 8.2% compared to September, then in November-by 5.4%. Electricity production decreased by almost 10%, steel production by 12%, and motor vehicle production by 16%. In November, production declined in Beijing and Shanghai. The coastal provinces, especially Guangdong, are particularly affected. Losses in domestic trade for 10 months approached 2%.

The Chinese leadership is concerned about negative trends in foreign trade. In January 2009, China's export volume decreased by 17.5% compared to January 2008. 17 The Government is taking vigorous measures to stimulate the growth of foreign trade, which is the most important driver of economic growth. The positive balance in foreign trade for 11 months amounted to 256 billion rubles. USD 18

Given that a 1% increase in domestic demand in the United States and Europe causes a 5% to 6% increase in production in China, the Chinese government is increasing the purchase of government loans from its partners. Thus, $ 14.9 billion was allocated for the purchase of US government loans in July, $ 23.7 billion in August, $ 43.6 billion in September, and $ 65.9 billion in October. 19 By the end of October 2008, the Chinese government had purchased US government loans for $ 652.9 billion. In terms of their volume, China is ahead of Japan (585.5 billion) and the United Kingdom (360.2 billion). These countries account for 52.5% of the total amount of US government loans. Thus, the Chinese government hopes for a speedy recovery of the US economy, which should lead to the growth of its own economy. The total volume of China's foreign exchange reserves reached $ 2 trillion.

Among the set of measures to minimize the damage caused by the global crisis, the main role is given to increasing investments in the amount of $ 586 billion. in fixed assets, since investment, not domestic demand, is the engine of the economy. To this end, large-scale construction work has begun in rural areas, in transport infrastructure, as well as in the development of health and education institutions.

* * *

There are many problems facing Chinese society and the state. It is already impossible not to solve them. How this happens will determine the future development of China and its future contribution to world civilization.


1 Xinhua News Agency. March 20, 1978

2 Da gaige da kaifang da fazhan-Gaige kaifang 30 nian wo guo jingji shehui fazhan chengjiu xile baogao zhi yi (Major Reforms, Broad Openness, Major Development - The first report in the series "Progress in the country's socio-economic development over 30 years of Reforms and openness") - www.gov.cn/gzdt/2008 - 10/27/content_1132281.htm

3 Zhongguo tongji zhayao, 2008. - Е 127.

4 Cheng xiang yi tihua deju hai hai you duo yuan. Tudi liuzhuan: cheng xiang yi tihua de xin lujing (The new city-village unity structure is still far from being established. Land turnover: a new way to unite cities and villages) - www.news.xinhuanet.com/politics/2008 - 10/22/content_10234420.htm

5 Zhongguo jinyun fazhan baogao (2007) (China: Financial development (2007). - Beijing: Shehui kesue wenxian chubanshe, 2007. E 082.

6 Zhongguo tongji zhayao, 2008. - E 19, 53.

7 Da gaige da kaifang da fazhan ...

8 Zhongguo tongji zhayao, 2008. - E 127.

9 Zhongguo tongji zhayao, 2006. - E 56; Zhongguo tongji nianjian, 2005. - Tab. 6 - 7 (электронный вариант); Zhongguo tongji nianjian, 2007. - E 189.

10 Zhongguo tongji zhayao, 2008. - E 5.

11 Guojia ju: Fangdi chanye jiengjiazhi zhfy wo guo GDP bizhungchaoguo 5% (State Statistical Office: Real Estate value added exceeds 5%) - www.gov.cn/jrzg/2008 - 11/08/conten_1143262.htm

12 Zhongguo tongji zhayao, 2008. - E 19, 53.

13 Ibid. - E 21, 22, 30, 31.

14 Zhongguo tongji zhayao, 2008, - E 11, 19, 46, 67, 103, 159; Zhongguo tongji nianjian, 2007. - E 297; Zhongguo tongji nianjian, 2002. - E 272, 273.

Li Pei Lin. 15 2008 nian GDP zengchang yuewei 9.5% (Li Pei Lin: GDP will increase by about 9.5% in 2008) - www.ssap.com.cn/zgpsw/pszt/zjsd/200812/4018/html

16 11 yuefeng quinguo guimo yishang gongye qiye zengjiazhi tong bi zengchang 5.4% (In November, the value added of excess enterprises across the country increased by 5.4%) - www.gov.cn/gzdt/2008 - 12/15/content_1178241.htm

17 www.bfm.ru/news/2009/02/11/obem-eksporta-knr-v-janvare-snizilsja-na-17 - 5.html

18 Ibid.

19 Experts ' interpretation: why is China increasing the purchase of US loans? - www.russian.china.org.cn/business/txt/2008 - 12/19/cjntent_16975547.htm


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