A. I. SALITSKY

Doctor of Economics, IMEMO RAS

V. V. TATSII

Candidate of Economic Sciences

First Vice-President of Gazprombank

I. R. TOMBERG

Candidate of Economic Sciences

Institute of Oriental Studies of the Russian Academy of Sciences

We have withstood all the tough challenges precisely because we relied on development.

From the report of Premier Wen Jiabao of the State Council of the People's Republic of China at the March 2011 session of the National People's Congress.

Investment model Keywords:, incremental capital intensity, depth of development, market contraction, development restraint, self-sufficiency, RMB zone

The practical needs of Russian businesses operating in China require the development and modernization of working methods. And for this, in turn, it is necessary to have at least a general idea of the economic model that has developed in this country.

Held in March 2011. The fourth session of the National People's Congress recorded the success of the PRC in overcoming the consequences of the 2008-2009 financial and economic crisis. This success, as well as the successful recovery from previous crises (the 1997-1998 Asian crisis and the 2001 downturn of the new economy), seems to have convinced the Chinese leadership of the correctness of the country's foreign economic policy. The" global " crisis of 2008 - 2009 clearly showed another advantage of China's economic model: its ability to develop at the expense of internal factors. The investment pumping of the economy, which began in 2008, seems to have paid off, although it turned out to increase inflation, which exceeded 6% in mid-2011.

As a result, in the 11th five-year plan (2006-2010), China achieved a significant acceleration in economic growth. This was done on the basis of a high rate of accumulation, rapid industrial development and scientific and technological progress, as well as an active foreign economic policy. Chinese corporations and banks have become world leaders. In general, it was possible to increase the efficiency of the economy, maintain financial stability, and maintain a relatively low level of inflation. The actions of the regulatory authorities allowed not only to balance their own economy, but also to create zones of stability in the economy of countries and territories that closely cooperate with the PRC. China's foreign trade continues to grow rapidly and steadily. Thus, in the first half of 2011, imports increased by 27.6%, exports by 24%, and the trade surplus decreased by 18% (compared to the previous year).

investment

The modern Chinese model of development is often referred to as an investment model, although this is not all that characterizes it. Statistics show that a high and growing accumulation rate was also typical for a number of other Asian countries, as well as Australia (Table 1). They also led the way in terms of economic growth. On the contrary, countries with unstable or low savings rates not only slowed down their growth rates, but also found themselves among the most affected countries by the recent crisis (Table 2).

China is often accused of sacrificing consumption for accumulation. Indeed, the relative share of households in China's GDP has declined over the past decade. This figure is currently about 36% compared to 45% at the beginning of the XXI century. Nevertheless, the decline in the share of consumption in GDP does not prevent consumption from growing dynamically in absolute terms due to high economic growth rates. The simplest calculations show a decrease in the incremental capital intensity of Chinese GDP in 2001 - 2007 (from 4.4 to 3.4), which, again, was favorable for consumption growth*. During the crisis period, this indicator increased, exceeding 5. In the short term

* The ratio of the rate of accumulation to the GDP growth rate. The higher this indicator is, the more expensive it is to grow and the lower the return on capital. In developed countries, the indicator is close to 7-10.

Table 1

Savings rate in selected countries of Asia and the Asia-Pacific region in 2001-2009, % of GDP

Source: World Development Indicators. The World Bank; Key Indicators for Asia and the Pacific 2010. ADB, 2010. P. 165. The data is rounded.

we can assume its downward dynamics.

From the accounting practice of many countries, it is known that part of investments in fixed assets actually represents the consumption costs of employees of the enterprise. This is also the case in China. The question is how these indicators will continue to behave. Apparently, the cooling of the next superheat will lead to an increase in the share of consumption in GDP in the near future.

Here, it should probably be said that the average figures for the country in the Chinese case, due to significant gaps in the levels of economic development of regions, hide significant differences in the growth patterns of individual provinces, cities of central subordination, and autonomous regions.

So, in Shanghai, the savings rate is decreasing. It reached a level of approximately 30% against the national figure of 48%. Shanghai's economy is already predominantly a service economy. However, in other regions, the accumulation rate is stable or growing. This indicator is lower than the national average in Guangdong, Beijing, and Zhejiang, i.e. the most developed regions. This rate is close to the national average in Jiangsu, Shandong, and the Northeast. High accumulation rates are observed in Chongqing, Jilin, Anhui, Jiangxi, as well as in the western regions, where the share of extractive industries is high and significant infrastructure investments are made.

The investment model is not a Chinese invention. It makes you think about the period

Table 2

GDP growth rates of selected Asian and AP-Pacific countries in 2000-2010, %

* According to the IMF, India's GDP grew by 10.4% in 2010. World Economic/Outlook, April, 2011 - http://www.imf.org/external/pubs/ft/weo/2011/01/index.htm (approx. ed.).

Источники: World Development Indicators; Key Indicators for Asia and the Pacific 2010. ADB, 2010. P. 169; Asian Development Outlook Update 2010. ADB, 2010. P. XVI; ГСУ КНР (Stats.gov.cn).

Table 3

Share of individual countries and groups of countries in world exports of goods in 1948-2009, %

* Singapore, Malaysia, Taiwan, Hong Kong, Thailand, Republic of Korea.

Sources: International Trade Statistics 2010. Geneva: WTO, 2010. P. 14.

Table 4

Bank interest on annual loans

Источник: Key Indicators for Asia and the Pacific 2010. ADB, 2010. P. 194.

the economic growth of Germany and especially Japan in the third quarter of the twentieth century, when the rate of accumulation reached 35% and economic development was accompanied by a rapid increase in exports. We see a similar picture of the export spurt in China (Table 3).

But Japan did not have the spatial depth that in the Chinese case allows us to assume a much longer period of life of the investment model. We have come to believe that regional disparities are a very acute problem in all major countries. But these are also additional opportunities, and a clear strategic development goal that makes it necessary to maintain a high rate of savings, including through investments in infrastructure. This also includes planning and some mobilization levers.

The social severity of the problem is somewhat mitigated in modern China, not only due to the faster growth of investment in the central and western regions, but also due to the more dynamic growth of domestic prices for raw materials and fuel products, which occurs mainly in the inner regions. Modernization for the PRC is now not so much a matter of interaction with the global economy, but rather a shift in financial and technological flows from the east of the country to the center and west of China. This modernization is just unfolding, but very prosperous oases have already appeared in the inner and western regions.

In addition, a recent study by the Hong Kong-Shanghai Banking Corporation (HSBC) found that as individual provinces grow in wealth, the income gap between rural and urban populations is narrowing1. The situation is worst where the share of the rural population is still high. On the other hand, urbanisation in China is proceeding very rapidly. It is also important that there is already an influx of labor, including qualified and young specialists from the east of the country to the central provinces. One of the reasons for this phenomenon is that housing in the inner regions is significantly cheaper. Given the rapid development of infrastructure, China seems to be shrinking, increasing labor mobility, which is very important for the development of the national market.

It should be noted that in recent years, foreign direct investment has been increasingly directed to the inner and western regions of the PRC. Their share of FDI inflows has now grown from 10% at the beginning of the century to about 30%. However, in general, their role in the economy is declining, and the export of capital from China is growing rapidly.

The PRC seems to be returning the economy to the good old days of growth and development, which preceded the financial oil crisis of 1973-1974. At that time, there was a very real possibility that relations between developed and developing countries could become more balanced. It was then that the expression "new international economic order"was born.

At present, the prospect of establishing such an order is once again opening up.² But now China is becoming the initiator of programs on a global scale, as we are seeing, for example, in African states, the development of which in those years was a major factor.-

Table 5

Average figures for 2001-2009

Составлено по: Key Indicators for Asia and the Pacific 2010 - http://www.adb.org/statistics

Financial globalization and the World Bank's policies in the 1970s and 1980s, which effectively curbed development, have hindered the development of the economy for a number of decades.

FIGHTING INFLATION

One of the most difficult issues of transition to the investment model, which has been discussed in Russia for several years, is the relationship between investment and inflation. Fear of the latter, among other things, forces banks to keep a high interest rate. Modernization of the real sector is stalling, the rate of accumulation is much lower than the rate of savings, money "does not stick" to the wheels of the economic mechanism.

However, the experience of China and its neighbors shows that high rates of accumulation and growth are quite compatible with successful containment of inflation (Tables 4, 5). At the same time, the relationship between inflation and the interest rate is obvious. Let's add that the ratio of loans to GDP in China in the past decade reached 150%. At the same time, in about five years, we managed to solve the problem of "bad debts" and conduct successful initial public offerings of shares on the stock exchange (RIGHTS) of leading state-owned banks.

In this regard, it makes sense to briefly focus on the ratio of investment and credit expansion, on the one hand, and inflation, on the other.

According to J. Schumpeter, an increase in credit alone does not lead to inflation3. The idea that higher inflation is inevitable due to increased monetary expansion when the interest rate is lowered does not fully correspond to reality, even for developed countries. For example, in the United States, where mortgage rates are included in the consumer basket, when the interest rate is lowered (followed by mortgage rates), the inflationary effect is low. In relation to China, it is also important that the high investment tone of the Chinese economy is based on an equally high savings rate, usually exceeding the accumulation rate by 2-3%.

A significant contribution to economic development was made by the financial system of the PRC, which is based on the leading role of state-owned banking institutions, whose activities are subordinated to the interests of the real sector. Almost all of them have completed their rehabilitation and, having successfully completed their repairs, have become joint-stock banks. Development banks play an important role in long-term financing of the economy, and they are also actively involved in external expansion. China's credit institutions, while maintaining a moderate loan interest rate, successfully compete with foreign institutions in the domestic and foreign markets.

We should also take into account the inherent quality of Chinese society, which could be called "innate" monetarism: in traditional China, the position of the insolvent debtor and his family was very unenviable. There are some other factors that partly explain this trait of the Chinese: the high political price of the issue of inflation during the CCP's struggle with the Kuomintang, the policy of "self-reliance" in the 1960s, which did not allow external borrowing, the weak development of social security, etc. But the main reason for the relatively low inflation and high level of investment, of course, is the ability of reformers to deal with this phenomenon.

Basically, this approach is the opposite of Western monetarism: prices for goods and services are kept down not by limiting monetary demand, but by increasing the supply of goods and services. To this is added state regulation of prices - not only their administrative regulation, but also commodity interventions, serious investments in exchange infrastructure, and so on.

In China, there is now a lot of writing about excessive inflation. But not its level for 2010. (3.3%), nor 5 - 6% growth (on an annualized basis) in recent months do not inspire much concern. The fact is that moderate inflation, among other things, contributes to the solution of the government's task of stimulating domestic demand.

INDUSTRY IS A LEADING FORCE

The Workshop of Peace is already a familiar stamp in relation to modern China. The bet on industry is justified - this part of the global and regional economy is a very important factor.

Schumpeter Joseph Alois (1883-1950) was an Austrian and American economist, sociologist, and historian of economic thought.

The Chinese economy has been, and probably will continue to be, the sector with the highest labor productivity4 for a long time ^to come.

The thesis about services as a qualitatively higher sphere or stage of economic development, apparently, is not quite adequate. This view of the drivers of development is based only on short-term breakthroughs in certain narrow areas (for example, information services), which gave temporary advantages to leaders. Moreover, the growth in the share of the service sector in global GDP and the decline in the share of industry in it in recent decades just indicated the extensive nature of the development of this sphere, taken as a whole. ⁵ That is why it is not entirely accurate to call the Chinese model extensive. In addition, a significant reduction in the energy intensity of GDP - by 19% in the last five-year period (2006-2010), as well as an increasingly large-scale export of capital from the country, indicate that the transition to intensive development in the usual (note, Western) sense of the word has already begun.

China has made no secret of its intention to create, including through the localization of foreign capital, a relatively complete industrial system. And he succeeded. In addition to the economies of scale, the country's economy has received gains that are difficult to assess using standard methods. The backbone of leading corporations is integrated into a complex, the development of which is planned, including at the industry level. Competition laws are not held in high esteem here, and Western economists continue to be surprised by mergers of leading enterprises with outsiders.

In China, from 1990 to 2005, both the share of industry (from 43% to 48% of GDP) and the share of services (from 32% to 40%) grew simultaneously, while the share of industry in employment changed slightly (from 22% to 24%). In services, employment increased significantly: from 18% to 31%. As a result, value added per employee in industry increased from 5.2 thousand yuan to 48 thousand, and in services-from 4.6 thousand to 30.6 thousand yuan. ⁶*

Given the growing mass of rural industries with low labor productivity, we can conclude without any reservations that the main reason for success is industrialization, including the development of large-scale industry (and not only and not so much market reforms and openness, which in 1990 already had a ten-year experience).

Among other things, in the second half of the last decade, during the first five-year plan, the volume of investment in the service sector already exceeded that in industry. Its rapid development is often considered one of the signs of" intensive " growth. However, so far the growth rate of value added in Chinese industry is higher than in services. This was particularly the case in 2010: the preliminary figures were 12.2% and 9.5%, respectively. It is possible that the effect of the international division of labor, which "locks" China in the status of a "workshop of the world", also affects - including the increased inflow of foreign direct investment ($105 billion in 2010).

The power of leading corporations is not the only achievement of an integrated industrial system. The "manufacturing of the countryside", which had to be done for demographic and social reasons, gave and will continue to give examples of creative solutions to economic problems. A "rural idyll" with solar panels and Internet access in nomad yurts is also possible. And already Beijing's program documents include a kind of concept of "debt repayment" of the city to the village in the form of preferential schemes such as "electrical equipment to the village", "motorcycles and cars to the village" , etc.The largest foreign banks, sensing the scale of new opportunities, open their branches in rural areas of China.

While qualifying the PRC as an agrarian society, many economists put a certain shade of insufficiency of this country, its poverty, backwardness, etc.Into this concept. Meanwhile, in our opinion, one of the secrets of the success of Beijing's strategy lies precisely in the native Chinese, peasant view of economic development. It is understood as a process that requires planning and calculation, relative price stability, and a collective approach to solving major problems, including disaster prevention and dealing with their consequences.⁷ The universalism of the peasant view of the world, as opposed to the narrowly professional urban view, should not be discounted.

Nor should we forget the habit of reasonably limiting labor expendments8 and needs - what is called xiaokang in the Confucian world. If this approach continues in the future, China may be able to make the most serious contribution to the improvement of our planet, to building a society that is not only industrial or agro-industrial, but also rational and economical, and therefore environmentally friendly.

It is unlikely that the PRC can now be accused of "devouring the world's resources". The continuation of high economic growth rates in China in the second half of the noughties (2000 - 2009) was accompanied by an increase in primary energy production and consumption. However, both were significantly less dynamic than the growth rate of the economy. Average annual increase in primary energy production in 2005-2010

* $1 is equal to approximately 6.31 yuan - (editor's note).

Table 6

Changes in world prices for certain commodities ($100, in 2005 prices)

Sources: International Trade Statistics 2010. Geneva: WTO, 2010. P. 234.

in China, according to official data, it was 6.7%. At the same time, coal production grew by 6.6% per year, oil - by 2.3%, natural gas - by 14.4%. On average, electricity production increased by 11% per year. These figures indicate significant progress in energy saving.

Moreover, the data on energy efficiency improvements in individual industries is quite impressive. So, in 2006-2010. the specific energy intensity of copper smelting decreased by 36%, energy consumption for the production of caustic soda decreased by 35%, the efficiency of coal burning at thermal power plants increased by 16%, energy consumption for steel and aluminum smelting decreased by 12%, and energy consumption for ethylene production decreased by 11.5% ^.9

For comparison, we can cite data on the growth of energy efficiency in the Japanese economy - the world leader in the development of energy-saving technologies. In the period 1973-2006, specific energy consumption in steel production decreased by 20%, and in cement production-by 24% ^.10 In other words, the progress in energy conservation observed in China during the 11th five-year plan is comparable to the results achieved in Japan for more than 30 years.

CHINA AND MODERNIZATION OF RUSSIA

The growth of accumulation in China has had a positive impact on the sustainability of sales in this country and the interests of partner countries. Credit pumping has certainly reached the real sector and, ultimately, has improved the situation in world trade and the economy.

Not only the East Asian neighbors (and partly Germany), i.e. countries with a strong industry that did not waste time in developing industrial cooperation with the PRC, but also the exporters of mineral resources, won to a considerable extent. The share of mineral raw materials and fuel in China's imports has steadily increased throughout the 11th five-year plan, increasing from 20.3% in 2005 to 28.7% in 2010.

This meant an almost twofold increase in the physical volume of natural resources purchased abroad: for example, iron ore imports increased by more than 2.2 times, exceeding 600 billion tons.

It is China that has had a decisive impact on the formation of world prices for a number of goods in recent years. A particularly significant increase in prices for coal and iron ore was undoubtedly caused by Chinese purchases (Table 3).

During the crisis, China has actually become the only driver of hydrocarbon demand, making an important contribution to ensuring stability in the oil and gas markets. In a difficult year for world trade in 2009, the PRC greatly helped out fuel exporters. In value terms, imports decreased by 27% (amounting to $124 billion, or 12.3% of the country's imports) against a 44% reduction in imports to the United States ($279 billion, or 17.5% of imports).

A new stage in the development of the Chinese economy, which began in the middle of the decade, shows signs of a transition to an intensive stage of development, demonstrating the stability of the relative surplus of capital. This state of affairs is now also supported by the slowdown in investment growth after the implementation of the largest investment portfolio in the country's history in 2008 - 2009. At the same time, China's relatively successful handling of the effects of the global financial crisis allows it to continue its monetary, financial and investment liberalization. Legislation that allows financial institutions to diversify their activities in the domestic and foreign markets is being rapidly updated.

on the foreign market. Beijing continues to increase its interest in gaining access to fuel and raw materials resources of other countries, cooperation in various industries and the agricultural sector.

These circumstances, as well as some other factors, favor economic cooperation with Russia in a number of new areas, as well as further development of ties and implementation of joint investment projects, including projects in third countries.

Data on the dynamics of GDP and foreign trade in 2009-2010 show that the Chinese economy is not very sensitive to downturns and crises in world trade. As before (in 1997 - 1998 and 2001), the decline in exports and FDI inflows caused by external factors did not have too strong a restraining effect on economic growth. Internal factors become decisive in economic dynamics. The Chinese authorities ' cautious approach to liberalizing the country's financial market also proved to be justified, as the overcoming of the crisis has shown.

In addition, we emphasize the constant desire of the Chinese regulatory authorities to reduce the range of fluctuations in the market environment, to prevent overheating and hypothermia of the economy. This also applies to a certain extent to the stock market, which is gradually gaining "depth" and becoming less volatile. Finally, it is also important that the PRC is trying in every possible way to make smooth changes in the yuan exchange rate. This is done in the interests of Chinese producers and exporters, but it is also objectively beneficial for China's partners.

The overall objective of the Shanghai Cooperation Organization (SCO) countries is to reduce external shocks on national economies. Therefore, extensive economic ties with China, including those that serve to strengthen collective self-sufficiency in strategic goods, seem to be a necessary condition for increasing stability. It seems that the tasks of modernization and development of the industrial-agricultural and raw materials economy are easier and more efficient to solve in close cooperation with the PRC.

China's economic expansion abroad is dictated not only by an excess of capital, but also by the strategic objectives of complementing the national economic complex with the missing elements. This is generally favorable for Russian interests, as it opens up new horizons for both bilateral cooperation and cooperation in third countries.

In particular, there are currently prerequisites for further development and implementation of mechanisms for placing Russian corporations ' shares and their derivatives on the Chinese stock market, attracting Chinese organizations to operations on stock and commodity exchanges in Russia, and expanding the list of trade and other transactions in national currencies.

As practice shows, the Chinese side demonstrates growing flexibility in its approaches to currency regulation, and promptly makes the necessary adjustments to legislation, in particular in the field of the stock market.

The regular entry of the Chinese economy into the settlement phase, which began in 2010, leads to the release of capacities in the somewhat" overheated " investment complex. This, in turn, means a potential opportunity to improve the terms of bilateral contracts with Chinese construction contractors and manufacturers of machine-building products. Monitoring of China's investment policy at the national and regional levels (especially in the provinces of the North-East of the country) allows us to identify the most promising areas of cooperation and product groups from the market point of view. These include, in particular, power and power engineering equipment, equipment for the mining industry, road construction equipment, and so on.

Settlement phases in the Chinese economy are usually accompanied by financial stabilization, a decrease in the amplitude of fluctuations in the stock market. Banking sector indicators are improving, and government revenues are growing faster. Given the strength of the PRC's monetary and financial position, as well as the projected appreciation of the renminbi, it seems appropriate to work out separately the expansion of foreign exchange operations in renminbi and rubles, including exchange trading in currencies, but not limited to this area.

In modernizing Russia, it is necessary to proceed from the fact that at present the PRC also acts as an exporter of technologies. At the same time, it is necessary to keep in mind not only patents and licenses (China, however, sells them not so little - about $500 million a year), but also relatively cheap engineering services provided as part of the supply of complete equipment. Equally important is the price - quality ratio of equipment-for our small and medium-sized businesses, the purchase of the most advanced samples and technologies is not always financially justified.

In addition, our business circles are not sufficiently informed about what they actually have in China, because the country has been spending a lot of money on research and development (R & D) for several years, and China has surpassed Japan in terms of their volume. Chinese

"improved" technologies, often obtained on the basis of "reverse engineering", can also be cheaper than the original Western models.

Russian economists and Sinologists are faced with the most urgent task of projecting the view of the national and global economy that developed in China during the years of reforms and modernization. This view, which is being refined in the rapidly changing circumstances of our day, is somehow reflected in both regulatory policies and commercial practices. An important characteristic of the Chinese view of the world, given the traditional concreteness of its representatives in their affairs, is a rather broad, even bold, and at the same time comprehensive approach to emerging problems, which, among other things, is based on the ability to coordinate the actions of the state and business - which, unfortunately, is so lacking in our country11.

The expanding space of other countries ' national economies, which are increasingly closely linked to China, significantly modifies the usual models of North - South or East - West relations. We can even talk about the scenario of a "split" in the global economy and the relevance of well-developed strategies for interaction with the Chinese industrial system for governments and businesses.

Its existence and further strengthening can lead to integration into the Chinese economy, and to attempts to protect the start of modernization in Russia from it. The corresponding calculations and forecasts have not yet been made. Equally important is the task of developing an approach to the emerging" yuan zone " of Chinese capital.

It does not take into account, in particular, the fact that China's economy is exporting growing volumes of capital, and it is qualitatively different from the Western one, since Chinese capital has grown in the context of modernization and tends towards the real economy. The full extent of its possible impact on the Russian economy has not yet been assessed, due to the modest scale of cooperation in this area. The Chinese financial market is also of considerable interest to Russian state-owned companies: the upcoming privatization of some state-owned assets will be more successful if Chinese and other Asian investors actively participate in it. Thus, Russian assets could, among other things, be spared from too sharp changes in the mood of Western investors and speculative attacks. Note, by the way, that the Chinese stock market is better than the Western stock exchanges, endured the panic of early August 2011.

But even regardless of this fact, it is worth bearing in mind that overheating and collapses in the Chinese stock market are not able to stop economic growth - due to the well-thought-out structure of the financial system and its subordination to the tasks of developing the real sector. In this respect, China is fundamentally different from countries with bloated "financomics".

It is easy to assume that the Chinese view of the economy, which clearly prefers the real sector, the tangible, physical economy, rather than financial ratings and standard indicators of the investment climate, will play an increasingly important role in assessing the Russian reality and its prospects from the point of view of investors - and not only from China. There is no doubt that improving the rating of our country in a changing coordinate system will have a positive impact on those features of its policy that will be close and understandable to Chinese regulators, financiers and businessmen.

One final note. The sphere of accumulation seems to be the area where the Chinese economy differs significantly from modern farms in other countries, including (although to a lesser extent) the states and territories of East Asia. And it is this area that remains the most problematic in the Russian economy. A high rate of accumulation and moderate inflation is an achievable goal. But only if the focus is on industrial development and the real sector.

^{Zhang Zhimin.} 1 Inside the Growth Engine: a Guide to China's Regions< Provinces and Cities. HSBC, December 2010. P. 169.

² See, for example, J. Stiglitz. Steep Peak: America and the New Economic Order after the Global Crisis, Moscow, 2011.

^{Schumpeter J. A.} 3 Teoriya ekonomicheskogo razvitiya [Theory of Economic development]. Kapitalizm, sotsializm i demokratiya [Capitalism, Socialism and Democracy], Moscow, 2008, p. 184.

⁴ The share of industry in China's GDP is 46%, compared to 27% in India and Japan, 43% in Malaysia, 37% in the Republic of Korea, etc.

⁵ "Of course," G. K. Shirokov noted, " the service sector is extremely diverse: it covers industries from finance to cleaning and landscaping, because most of the employees work in personal services, supermarkets, gas stations, hotels, cleaning, repair of household appliances, etc. and stagnation of their income. An indicator of the extensiveness of the expansion of this sphere is an increase in the share of services, especially financial services, in the price of goods." Shirokov G. K. West-East parallels: changes in the structure of the economy, consumption and the problem of investment. East (Oriens). 2002. N 4. P. 66. A similar example is given by P. Krugman, comparing the average salaries in the largest US companies in 1975 and 2005, taking into account inflation. General Motors paid $40,000 a year (1975), Wal-Marts $18,000 (2005).

⁶ Zhongguo tongji zhaiyao 2006. Beijing, 2006. pp. 20-21, 43.

⁷ The new infrastructure created in the affected areas (in case of regular floods or disasters of the scale of the 2008 Wenchuan earthquake) - despite all the tragedy-is the subject of special concern and pride of the country, and becomes an important national symbol.

⁸ Here it is appropriate to recall two types of economic behavior in N. D. Kondratiev: maximizing the result and saving costs (including labor).

⁹ http://stats.gov.cn/tjfx/ztfx/sywcj/t20110301402706119.htm

^{Polishchuk A.V.} 10 Economic problems of energy security in Japan. Abstract of the candidate's thesis, Moscow, 2011, p. 16.

¹¹ It is interesting, by the way, that in approximately the same way Sun Yat-sen in the 20s of the XX century. characterized the approach to business of the Russians.

Permanent link to this publication: