In July 2006 1, Russia lifted the final restrictions on foreign exchange business, which was a strategic task put forward by Russian leaders to ensure the free convertibility of the ruble. The Russian government believes that on the one hand, abandoning foreign exchange restrictions can promote foreign investment in Russia, and on the other hand, Russian entrepreneurs can participate in investment in other countries without any additional burden.
The stability of the country's economic and financial situation makes it possible for China to pay off its creditors' debts ahead of schedule. In August 2006, Russia repaid the debt balance of about $22 billion to the Paris Club in advance. According to the statistics of the Ministry of Economic Affairs, paying off debts in advance can save more than $654.38+0.2 billion in interest expenses for Russian finance by 2020. At the same time, it can reduce the proportion of national foreign debt to GDP to 9%.
This is a great event for the Russian economy. Since 1993, Russia has been a debtor and creditor of the Paris Club. After paying off the debt, Russia became a real creditor. This repayment amount is the largest prepayment amount in the history of the club.
From June to June 2006, the industrial output value of Russia increased by 4.4% compared with the same period of 2005. Among the basic economic sectors, the fastest growth rate is trade and construction. In the first half of 2006, the economic investment structure changed, which helped to improve the quality of economic growth. Investment turned to processing industry development and infrastructure construction unrelated to resource exploitation, including mechanical equipment production, metallurgy, pulp and paper making and chemical production, food production, pipeline transportation and communication.
The living standard of Russians is gradually improving, especially the residents of big cities. The retail industry has become active. Compared with the same period of last year, the retail turnover in the first half of 2006 increased by 1 1.3%. Russia's economic growth still depends to a great extent on the good market conditions of international energy and raw materials. With the rapid development of the world economy, especially the increasing demand for raw materials in Asian countries, the international oil market price has been maintained at a very high level recently. According to the information provided by the Russian Ministry of Economic Affairs, the average price of Russian Ural brand oil in the world market in the first quarter of this year was $665,438 +0.3, an increase of 35% compared with the same period last year.
Today, Russia's primary task is to solve the problems of economic growth quality and economic modernization. The government believes that it is necessary to ensure the transition to economic innovation and development. The purpose is to promote system reform and improve the quality of human capital.
If the authorities have been trying to avoid direct state participation in economic projects, then Russia now has a special mechanism to support related investment projects. Special economic zones and investment funds belong to this mechanism.
Special economic zones have emerged in Russia: four technology-oriented special zones and two industrial production special zones. In 2006, the federal government allocated 8 billion rubles (US$ 280 million) to build the infrastructure of special economic zones. Federal entities and municipal finances also provide the same amount of funds. According to the law, enterprises settled in special economic zones can enjoy preferential tariffs and taxes. It is estimated that these special zones will be completed from the end of 2007 to the beginning of 2008.
The main function of the investment fund established in 2005 is to develop large-scale national investment projects. Together with private investment, the Fund financed these projects, and in 2006, it allocated $2.5 billion for this purpose.