E. S. BAZHENOVA

Candidate of Economic Sciences

China Keywords:, global financial crisis, Chinese model

Development of the PRC in the context of the global financial and economic crisis and overcoming its consequences - this topic, which is relevant for many countries, was discussed at the scientific conference of the Center for Economic and Social Research of the Institute for Economic and Social Studies of the Russian Academy of Sciences "China and the Global Financial Crisis", held in February 2010. The conference was opened by Academician M. L. Titarenko, Director of the Institute of International Relations of the Russian Academy of Sciences, who noted that the socio-economic development of the People's Republic of China has a great impact on the face of the modern world.

As M. L. Titarenko emphasized, an important task of the institute is to prepare objective forecasts of China's development, taking into account, first of all, those moments where the interests of both countries - the Russian Federation and the PRC coincide or, on the contrary, diverge.

It is of great importance to determine the potential for interaction of interests, including in the development of the Russian Far East and Siberia, as well as the North-East of the PRC. The time has come to develop recommendations in the field of practical actions to implement the agreements between the Governments of the Russian Federation and the People's Republic of China on cooperation in the development of these regions.

According to the director of the Institute, this is especially relevant in the light of the lack of activity of our foreign policy in the Asian direction and the negative image of China that is being formed in the Russian press. This is all the more important because, according to M. L. Titarenko, under certain conditions, an alliance between China and the United States cannot be excluded, which should also be taken into account when making forecasts for China's development.

Reports of all participants of the discussion were discussed in sections on the following topics: general problems, finance and prices, socio-economic problems, agriculture, industry and transport, regional development, foreign economic relations, environmental problems of the PRC.

As part of the discussion of common problems, the report "Results of 2009: are there any risks and threats to the development of the Chinese economy in 2010?" was delivered by the Deputy Chairman of the Board of Directors. A.V. Ostrovsky, Doctor of Economics, Head of the Center for Economic and Social Problems of the Russian Academy of Sciences.

As the speaker emphasized, in the context of the global financial crisis, China became one of the few countries that managed to maintain a stable growth rate of gross domestic product (GDP) - 8.7% in 2009. This allowed many experts to express their hope that China will become the locomotive of the global economy and pull it out of the crisis. But will China do so in the current environment? At one time, the PRC proclaimed the task of building a "small prosperity" society (Xiaokang Shehui), and Beijing will not abandon the CCP's goal of raising the standard of living of the population based on economic growth in order to pull the world economy out of the quagmire of the economic crisis.

It should be noted that there are certain risks in the current economic situation in China associated with excessive lending, excess money supply M2* and rising real estate prices. But during the reform years of the 1980s, various risks were constantly present, and as a rule, economic problems that arose at certain stages were resolved. As a result of additional lending and low interest rates, the infrastructure developed, new enterprises and production of various types of products grew, new jobs were created, etc.

* The monetary aggregate M2 represents the amount of cash in circulation (outside banks) and balances of funds in national currency on the accounts of non-financial organizations, financial (other than credit) organizations and individuals who are residents (approx. ed.).

the standard of living of the population increased.

What are the prospects for the Chinese economy in this regard? It is planned that by 2040, according to the main economic indicators, China will enter the top 40 countries in the world, the per capita income will be more than $20 thousand, the level of pension and health insurance coverage will be 100%, the level of higher education coverage will be 80%, the average life expectancy will be more than 80 years, and according to the human development index China's potential will enter the top 20 countries in the world.

According to A.V. Ostrovsky, if the three main problems facing Chinese society - population, lack of natural resources and ecology-are solved, based on the current state of the economy and its ability to overcome the consequences of the global financial crisis, the goals set look really achievable.

In the report of the deputy. Director of the Institute of International Relations of the Russian Academy of Sciences, Doctor of Economics V. Ya. Portyakova"China's development as a responsible global power" addressed a wide range of issues related to China's interaction with the world economy. As the speaker emphasized, in recent years, the definition of China as a "responsible major power"has often been found in the Chinese media and in public speeches of Chinese officials. It is especially actively used during the current global financial and economic crisis. The category of "responsibility" is new not only for China, but also for the theory and practice of international relations in general. Both the in-depth development of the theoretical and legal aspects of this category, and the detailed elaboration of practical issues of taking on specific responsibilities by the country in various spheres and forms, are probably still ahead.

According to the author, the process of China's becoming a "responsible global power" and its specifics can be tracked and analyzed in such areas as the country's adaptation to the norms and rules of world trade, China's participation in the fight against regional and global economic crises, and exchange rate policy. At the same time, due to the high dynamics of China's economic growth and its rapid progress up in the global economic "table of ranks", a more general question naturally arises about the responsibility of the PRC for the consequences for the entire world economy of its growth rates, the overall scale of the economy and the country's economic development strategy.

The international community sometimes expresses the opinion that the country is still taking on a smaller share of responsibility for global affairs than it could and should take in accordance with its weight in the world economy and trade. Apparently, China is focused on steadily increasing its international responsibility in order to improve the country's image in the eyes of the world community and strengthen its regional and global positions. At the same time, Beijing makes it clear that it intends to build this process at its own pace, strictly balancing the burden of responsibility assumed with its own capabilities and interests. Beijing also argues that its recognition of its growing responsibility for the state of the world order and the solution of a number of global problems is not the same as claims to a leading role and, even more so, to hegemony in world affairs.

Doctor of Economics A. N. Anisimov in his report focused on the main factors that reduce the sensitivity of the Chinese economy to the global crisis. He noted that the degree of autonomy of the PRC economy in the world economy is comparable to the degree of autonomy of the USSR economy from the world economy, as it took place in the 30s. Specific reasons for the low sensitivity of the Chinese economy to the global crisis are: 1) a high degree of autonomy of the Chinese monetary and credit system in the global monetary system; 2) a significant state presence in the economy, including in its financial sector; 3) a high level of regulatory activity of the state. It is also of fundamental importance that the investment fund of the People's Republic of China is formed by more than 90% from domestic sources and, accordingly, can be significantly increased if necessary.

An important factor is that about half of the domestic demand for industrial products is associated with investment products, despite the fact that the size of capital investment in fixed assets in the PRC is relatively easy to regulate (as the experience of 2009 showed).

O. N. Borokh"Theoretical aspects of modern anti-crisis policy in the assessments of Chinese economists", examined how Chinese scientists conduct an in-depth discussion of the applicability of various theoretical concepts for analyzing the situation and developing an economic strategy against the background of the global economic crisis. They focus on issues related to the changing place of China in the global economic system as a result of the crisis. The discussion of theoretical problems is aimed at developing an economic policy that corresponds to the current stage of China's economic development. In particular, the possibilities of modern economics in predicting the crisis, explaining the current phase of development of the Chinese economy are considered, and the results of applying various theoretical concepts in the development of anti-crisis programs are evaluated.

In the section" Finance and Prices", Doctor of Economics L. I. Kondrashova made a report on" The global financial crisis and the problem of yuan revaluation", noting that China firmly adheres to the line of maintaining the officially established parity of the yuan to the dollar and is not going to change its position. This position was held by the Chinese leaders both in 2008 and in 2009, based on the fact that the direct consequence of the re --

valvation can be a decrease in the competitiveness of Chinese goods on the world market, a decrease in exports and an increase in imports. Currency revaluation can be particularly dangerous during the downward phase of the economic cycle and during the crisis, which is currently the case. Revaluations are usually followed by higher interest rates, and YUAN losses in the dollar accounts of businesses could push them into bankruptcy.

The liberalization of the currency regime in China is impossible without a serious reform of the banking system. However, China does not deny the need for such liberalization in order to gradually achieve convertibility of the yuan in the context of the balance of investment payments.

So far, the yuan is increasingly serving as the Asian reserve system. In those countries where their own national currency is weak, the Chinese yuan serves as an alternative currency for payments. Now that the current crisis has brought up the issue of reform of international financial structures, including the International Monetary Fund (IMF) and the World Bank (WB), and the problem of finding an alternative to the dollar and moving to a multi-currency system is being discussed, China's position on these issues is of great interest. It is supported by other BRIC countries, as well as South Korea, China and Japan, which advocate the introduction of the regional currency aku (ACU). In August 2009, Nobel laureate Joseph Stiglitz, speaking at a conference in Bangkok, said that the dollar has exhausted itself as a reserve currency. The creation of a new reserve currency, in his opinion, could be initiated by China, since it has the largest international reserves. Such a course of events can give a new perspective to the problem of correct valuation of the Chinese currency.

I. V. Vakhrushin, Ph. D. in Economics, in his report "The functioning of the Chinese stock market in the context of the global financial crisis", emphasized that the Chinese stock market remains mostly isolated from international financial flows, due to the authorities ' policy of limited convertibility of the Chinese yuan and a closed capital account. Thus, the Chinese stock market is largely protected from international financial shocks.

The large-scale recession of the Chinese stock market in 2008 began before the global financial crisis and was mainly due to internal factors, the key of which was a huge "bubble" of the stock market, which provoked a massive sale of these securities by investors against the background of growing psychological expectations of the upcoming collapse of quotations.

However, during the global financial crisis, China's largest financial institutions (mainly commercial and investment banks whose shares are traded on China's stock exchanges) suffered losses of about $300 billion. The main reason for these losses was the write-off of their investments in mortgage and other corporate securities of distressed US issuers.

Since the beginning of 2009, the stock market of the People's Republic of China has started another (probably long-term) upward trend, which is largely due to the effective anti-crisis program of the Chinese government and a number of other positive factors. The growth of major stock indexes in 2009 was about 100%.

An important event demonstrating a qualitatively new stage in the development of the Chinese stock market was the opening of an electronic trading system on the basis of the Shenzhen Stock Exchange for issuers representing the innovative sector of the economy (the ideology and principle of building this system are similar to the American NASDAQ * exchange).

S. P. Savinsky, Ph. D. in Economics, in his speech "China and the financial crisis in the United States" focused on the fact that the objective causes of global financial instability developed over a rather long period, the global financial crisis matured long ago, and the primary cause of it was the position of the dollar in the global financial system. The situation was aggravated by the problem of the chronic deficit of the US trade and payment balances, as well as the weak security of the dollar itself as a whole. The US Treasury Department actively placed bonds due to the need for financing the state budget of the country.

The main buyer of US Treasury bonds and the country that finances the US economy was China. Since 2005, the volume of Chinese investments in United States bonds has more than doubled. China surpassed Japan in the list of the largest foreign creditors of the United States, which even reduced its investment in US government debt by $12.8 billion, to $573.2 billion. According to the U.S. Treasury Department, China held $1.06 trillion in U.S. securities as of November-December 2008.

The United States ' dependence on capital from China is increasing every day, and this means that its impact on the US economy is becoming serious. In the Western press, there were even reports that the PRC is "accumulating financial weapons" against the United States. Some experts believe that if, for economic or political reasons, Beijing is forced to throw US Treasury bonds on the market, this will lead to a chain reaction on the part of other holders of these securities, who will also begin to get rid of them. This, in turn, will lead to an increase in the cost of borrowing, which will weaken Washington's ability to finance plans to stimulate the country's economy. Under the circumstances, maintaining the ho-

* NASDAQ (abbreviated as NASDAQ) from the National Association of Securities Dealers Automated Quotations System) - an American stock exchange that specializes in shares of high-tech companies (electronics, software, etc.).

The development of relations with China is becoming essential for the United States.

In her report "Investment factors of the anti-crisis Policy of the People's Republic of China", Doctor of Economics L. V. Novoselova emphasized that investment factors of economic regulation played a leading role in combating the manifestations of the global crisis in China. Building up investment potential through massive budget injections, huge bank loans, and stimulating domestic demand served as the basis for favorable results of the country's economic development in 2009. However, as a result of emergency measures, certain difficulties arose in the capital market. Successful overcoming of them is the most important task of 2010.

Ph. D. in Economics V. V. Zhiguleva in the report "The policy of the Chinese leadership to overcome the consequences of the global financial crisis - reducing the decline in foreign trade and expanding the consumer market" stressed that in 2009 the main task of the Chinese economy was to maintain high growth rates as a mandatory condition for employment.

The main impact of the global crisis fell on foreign trade. Since 2001, the consistently high growth rate of the Chinese economy has been determined by the accelerated development of the export-oriented sector of the economy and the high growth rate of foreign trade. A 20% reduction in foreign trade inevitably led to a corresponding reduction in employment, both in export and other industries. It was necessary to simultaneously solve the problem of reorienting part of foreign trade products to the domestic market (i.e., increasing domestic investment demand) and expanding domestic consumer demand, which was the goal of the Chinese leadership's policy.

In the section "Socio-economic problems", the report "The system of social support for rural families", which considered the social problems of the Chinese village, was presented by Ph. D. E. S. Bazhenova. The introduction of a social support system for older people who participated in family planning programs in rural areas began in 2004, and then the number of participants in the social support system was only 297 thousand people. Since then, the number of people receiving subsidies from the state fund has increased many times.

Such support is very important for older people in rural areas, as pensions there are based on self-financing, and the country-wide social security system is still in its infancy.

In addition, it is very important for the dissemination of family planning programs, as older people should be sure that if they have small families, they will not be left without state support. To overcome the consequences of the financial crisis, such forms of social support are of great importance, since they increase the purchasing power of the population and lead to an expansion of domestic demand.

The population born during the peak birth rate will begin to enter old age after 2010, and this will be a huge generation of older people. Their number will reach a peak of 430 million people, which will make up about 30% of the total population. At the same time, 80-90 million people will reach the age of over 80 years. Currently, older Chinese people make up one-fifth of all people of this age in the world, and this proportion will soon reach one-quarter.

Nevertheless, the Chinese press notes that the country's development concepts are focused on improving the standard of living, especially for the poor. Although the PRC is still a developing country, it has the capacity and reserves to address current and growing social problems, in particular those related to the aging of the population. According to forecasts, stable economic growth will continue for at least the next 20 years, which will allow, among other things, to successfully address issues of social support for older people in connection with the increasing aging of the population.

Ph. D. in Economics V. V. Chuvankova in the report "The role of private entrepreneurship in the anti-crisis measures of the PRC" stressed that individual and private entrepreneurship is considered today in China as the most important tool that can withstand the growth of unemployment. It can also play a positive role in boosting domestic demand and contributing to the country's sustainable and progressive economic development in the context of the global economic crisis.

A special place in the anti-crisis policy of the Chinese government, which has been implemented since mid-2008 to ensure economic growth, maintain stability in production and the labor market, is given to the development of a set of measures aimed at supporting and encouraging the development of private entrepreneurship and expanding employment opportunities for the population. These include: optimizing the legal policy system, strengthening financial, tax and credit support for private enterprises, encouraging scientific and technological progress, and regulating the production structure. Local authorities are also actively involved in the development of specific forms of support for private entrepreneurship at the regional level.

Due to the implementation of timely anti-crisis measures in China to combat unemployment and provide economic incentives to small and medium-sized businesses, the number of individual and private enterprises and their economic potential remained positive in 2008-2009. The total number of people employed in business structures reached 150 million by the end of September 2009, an increase of 13.2 million people, or 9.2%, compared to the end of 2008.-

7.3%, or 9.3 million people.) According to the Main Statistical Office (GSU) However, the employment situation turned out to be better than expected.

The report of Doctor of Economic Sciences E. P. Pivovarova"China: ways to solve social problems in the context of the global financial crisis" highlighted the social orientation of the Chinese leadership's policy during the crisis period. Macro-regulation was used as levers in the fight against the crisis, loan rates were changed, and control over tax collection was strengthened. As a result, consumer prices increased by only 4%, jobs were opened in cities and towns - 11 million, and registered unemployment remained at the level of 4 - 5%. Due to the peculiarities of the economic policy of the Chinese leadership, China suffered fewer losses during the crisis than other countries in the globalizing world.

Speaking at the section on agricultural problems, Doctor of Economics L. D. Boni (IDV RAS) in her report "Anti-crisis program in the agricultural economy of China" pointed out the effectiveness of the anti-crisis policy and investment program implemented by the Chinese leadership (2009-2010) in relation to agriculture and rural areas in China. The speaker focused on how the tasks set to overcome the negative consequences of the global crisis were solved directly in the agrosphere and in the sectors of the national economy related to agriculture, namely: maintaining a favorable situation in agriculture, ensuring the country's food security at the proper level, expanding domestic demand, maintaining social stability of society.

Candidate of Economic Sciences L. A. Volkova in her report "Social aspects of the anti-crisis policy of the leadership in the agricultural sector of China" stressed that the positive results of the economic and social development of the PRC in 2009 indicate that the measures implemented by Beijing to counteract the global crisis were quite effective. GDP growth was 8.7%, while the world's largest economies, with the exception of India, remained in 2009 at the level of 2008 in terms of macroeconomic indicators or with negative values, such as Russia.

Speaking about anti-crisis measures, it should be noted that priority was given to those that are aimed at developing agriculture and the social sphere of the village. In terms of capital investment growth in 2009, the agricultural sector of the economy was the leader: capital investment in this area increased by almost 50% (49.9%) compared to 2008. During 2009, major projects were implemented in the field of capital construction in rural areas, including in the social sphere: in rural infrastructure, in the field of environmental protection, in health care and education. Emphasis was placed on expanding the domestic market and implementing projects that increase employment and income in rural areas. The average per capita income of farmers increased by 8.5% in 2009, and it was possible to provide jobs for most of the peasants who returned to the villages due to the closure of a number of enterprises in the cities due to the crisis. Maintaining overall social stability in rural areas can be considered a positive result of the implementation of anti-crisis measures by the country's leadership.

In the section devoted to industrial and transport issues, a report by Z. A. Muromtseva"Experience of anti-crisis policy in the industrial sector of the People's Republic of China" was heard, which considered the main pain points of the impact of the global crisis on the industrial sectors of the People's Republic of China and the basics of anti-crisis policy in the field of industry. The author listed measures aimed at creating conditions for the breakthrough of the Chinese industry to structural regulation on a higher scientific and technological basis and realizing the "unique chance" that, according to some economists, the global financial and economic crisis provides to China.

Great interest was aroused by the discussion of the report of Ph. D. S. L. Sazonov"Transport of the People's Republic of China in crisis conditions", the author of which concluded that large-scale transport construction, primarily railway construction, became the main means of bringing the country out of the crisis.

The Ministry of Railways of the People's Republic of China will receive 5 trillion rubles from the state budget for the implementation of all plans for the expansion and modernization of China's railways during 2000-2020. yuan ($732 billion). The global economic crisis, on the one hand, stimulated intensive large-scale railway construction in China and the growth of passenger traffic, on the other hand, led to stagnation in the growth of freight traffic on railways.

In the report "State Policy of the People's Republic of China in the automotive industry"M. Shishkin analyzed the main aspects of the development of the automotive industry in the People's Republic of China, which over the past few years has become one of the most successful sectors of the country's economy. In a short period of time, China entered the elite of the world's automobile powers, and since January 2009, it has also become the world's first market. The Chinese market not only has huge domestic potential, but also has a significant impact on the global market. The author concludes that the PRC has undoubtedly achieved its main goal - to create a modern, steadily developing full-cycle automobile production in the country, which meets all the needs of the domestic market and is competitive in world markets, represented by a wide range of both foreign companies and national independent manufacturers.

Report of the candidate A. N. Basov"Development of the aviation Co-operation Center".

China's aerospace industry at the present stage" was devoted to the consideration of plans to give a new look to the national armed forces of the People's Republic of China, namely, the creation of a new generation of fighter aircraft, a new generation of strategic long-range aircraft, aircraft carriers, and a new generation of strategic nuclear submarines. According to the commander of the PLA Air Force, General Xu Qiliang, as China's economic and political influence grows, the role of the Air Force should expand. They must move beyond the protection of national security to the maintenance of peace in the region and in the world as a whole.

The conference was actively attended by international postgraduates of the Institute of Internal Medicine of the Russian Academy of Sciences. Thus, Zhang Xuejun"Analysis of China's industrial development in the context of the financial crisis" highlighted the problems of various industries, primarily petrochemicals, showed losses in industrial production and ways that suggest industrial recovery and growth in 2010. Shao Ran's report"State-owned enterprises of the People's Republic of China in the context of the global financial crisis" examined the main aspects of the impact of the global financial crisis on state-owned enterprises, anti-crisis measures of the Chinese government, the role and state of state-owned enterprises in the crisis.

The special section discussed the problems of regional development. Speech by K. polit.A.V. Bondarenko "Features of the modern economic development of the Xinjiang Uygur Autonomous Region of the People's Republic of China" was devoted to the analysis of the internal and external economic development of this region from 2007 to the present. The impact of the global financial crisis on its economy in recent years is considered. Particular attention was paid to the July 2009 unrest in Xinjiang and its impact on the region's economy.

The report of the Institute's graduate student O. Semenova"Western China in the context of the global financial crisis: ways out of the crisis" stated that China is gradually developing a new scheme of regional economy. Regional construction is considered a priority, since it means that it is the regions that will serve as the locomotive for overcoming the crisis, contributing to the development of real sectors of the economy. A good example is the development of the western regions of China, which should play an important role in expanding domestic demand in the country as a whole.

The complex of anti-crisis measures provides for accelerated development of healthcare, culture and education in this region. The goal is to strengthen the local health care system, accelerate the reconstruction of primary schools in rural areas of western China, and build special education schools and integrated cultural centers in rural areas. Much attention is paid to the development of high-tech industries, including aviation, space, electronics, new energy carriers and new materials.

V. Namzhilovastudent at the Institute"The economy of the Inner Mongolia Autonomous Region (ARVM) in the context of the global financial crisis" that in 2009 the region's GDP exceeded 970 billion rubles. The increase was 17%, which is higher than the 13% announced at the beginning of the year.

Assessment of the impact of the crisis on the regional economy: 1) the main industries affected by the crisis: electric power, metallurgy, chemical industry; 2) the volume of foreign trade decreased by almost a quarter, but due to the low orientation of the district's economy to the foreign market, the reduction did not significantly affect economic growth; 3) the main factor of high economic growth was investment in infrastructure,infrastructure development, etc. this will allow the district to implement previously conceived large-scale projects in water management and environmental construction; 4) the district government took timely measures to protect the population from unemployment, which eased the pressure of the crisis on the social sphere; 5) the results of management in 2009 are much better than previously predicted. The high orientation of the ARVM economy to the domestic national market did not allow it to fully experience the global financial crisis.

The section on foreign economic relations discussed 6 reports. "Hong Kong and the global financial crisis" is the topic of the report of Candidate of Historical Sciences A. A. Kozlov, in which he considered the main points of economic development in this region.

Hong Kong is one of the most open economies in the world. External conditions, especially in the markets of the United States, mainland China, Japan and the European Union, are the most important factor influencing the "health" of its economy. In 2008, the global financial crisis severely damaged consumer and business confidence, and Hong Kong entered a period of economic decline. The territorial administration adopted an anti-crisis program that included support for small and medium-sized businesses, implementation of a number of infrastructure projects, tax cuts and other measures. The Central Government of the People's Republic of China also provided assistance. By the beginning of 2010, the global economic situation had improved, and the Administration's efforts had also borne fruit. Hong Kong's economy is showing signs of recovery, which gives reason to hope that GDP growth will be 3% -4% for the period 2010-2013.

In the speech of M. V. Alexandrova, Ph. D. in Economics, on the topic "Closing the " Big Market", or moving away from the "gray customs schemes", it was said that the problem of closing the Cherkizovsky District is the following:

The problem of this market was inherently connected with such a phenomenon as "gray customs clearance", which developed over a long time under the influence of many factors. After the collapse of the Soviet Union, the economic situation was uncertain, and prices for food and household goods were relatively high. Under these conditions, cheap and affordable Chinese goods were clearly competitive.

For many years, Russia has constantly said "no" to the "gray customs clearance", but each time the fight against it has heated up and then weakened again. In fact, the Russian government, well aware of the hidden threats and all the shortcomings of the "gray customs clearance", could not finally make a tough decision to get rid of this phenomenon.

"Grey customs clearance" is a topic of concern for both China and Russia. In order to remove restrictions on the development of people's trade between China and Russia, the Governments of both countries established a Sino-Russian Government Working Sub-commission on Improving Trade Procedures in 2004. In June 2009, during a visit to Russia, President Hu Jintao and President Dmitry Medvedev signed a joint Statement on the results of the meeting of the heads of state of China and Russia in Moscow. It stressed that "a sub-commission on customs cooperation will be established within the framework of the China-Russia commission for regular meetings of prime ministers, which is important for further improving the level of trade and economic cooperation and strengthening cooperation between the customs departments of the two countries." All these measures are designed to encourage the process of abandoning the "gray customs clearance" of Chinese-Russian people's trade and normalizing bilateral trade.

T. G. Terentyeva"China's Capital export in the context of the global financial crisis" addressed issues related to the growth of Chinese direct investment abroad during the global financial crisis and the changes that have occurred in the industry and regional structures of capital export.

T. L. Deitch"China in Africa in the context of the global financial crisis" showed that even in the context of the crisis, Beijing demonstrates its readiness to provide Africa with concessional loans, implement projects with state support, increase trade and investment cooperation, and seek access to African resources that are so necessary for its economy.

On a similar topic - "Africa as an additional market for China", a report was made by A.V. Pickover.

PhD in Law P. V. Troshchinsky in his speech "Trade and economic cooperation between the PRC and the Russian Federation" revealed the main aspects of cooperation between Russia and China in these areas (on the example of the construction industry).

At the end of the conference, a report on such an important and relevant topic as "Environmental problems of ensuring China's food security in the context of the global financial crisis" was presented, which was delivered by Candidate of Economic Sciences E. I. Kranina. The measures taken by the Chinese leadership in 2009 to ensure food security and strengthen the foundation of agriculture allowed the country to avoid the most serious consequences of the global financial crisis, expand domestic demand and maintain high economic growth rates compared to other countries.

Despite the negative impact of natural disasters and the global financial and economic crisis, in 2009 there was a stable development of the agricultural sector, an increase in peasant incomes, and significant progress in rural reform. An increase in grain harvesting has been registered for 6 years: For 3 consecutive years, more than 500 million tons are collected, the gross harvest has reached a record level in history - 530.8 million tons.

According to statistics from the Food and Agriculture Organization of the United Nations (FAO), China has made such a qualitative leap in food production and consumption that Western countries have spent a century on. According to the country's leadership, the right set of measures will allow increasing the total grain production to 540 million tons by 2020, and doubling the net income of farmers compared to 2008. This means that in the future, we will reach the global average level of food consumption, increasing the production of food resources to the highest global indicators.

* * *

A. V. Ostrovsky, Chairman of the conference, summed up the results of the discussion on the socio-economic development of the PRC in the context of the global financial crisis. In his closing remarks, he concluded that the plan to be held at the 2nd session of the National People's Congress (NPC)will be implemented in the following areas: (March 2009) a set of measures to eliminate the consequences of the financial crisis for the Chinese economy is being implemented quite successfully.

In general, it should be recognized that the economic development plan adopted by the Chinese leadership for 2009 allowed the country to avoid the most serious consequences of the global financial crisis, prevent the financial crisis from turning into an economic one, expand domestic demand and maintain high rates of economic development. There are enough reasons to conclude that China will be less affected by the crisis than other countries in the world.

The success of the Chinese economy over 30 years of reforms and the successful overcoming of the consequences of the global financial crisis confirm the viability of the Chinese model of transition from a planned economy to a market model, which is distinguished by a large role of state regulation and a significant amount of investment programs.

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