“It is currently quite difficult to plan some issues of the economy with perspectives of 15 to 20 years. However, technological development, infrastructure construction and reorientation towards the Chinese market is a sustainable trend,” Reshetnikov explained.
According to the Minister, there are two characteristic principles of economic management applied by China; one of them is long-term planning.
“The second principle is monitoring demand, when a consumption recession is observed, both in the population and in the business sector, the Chinese authorities react promptly to compensate it at the expense of budget,” the minister stated.
According to Reshetnikov, the ministry is less afraid of borrowing funds. “We began to use the budget deficit much more as an instrument of economic development,” he added.