Since the outbreak of the Russia-Ukraine conflict,the United States,Europe and other Western countries have imposed unprecedented sanctions on Russia.Russia has been deprived of WTO most-favoured-nation treatment,foreign trade has been largely restricted,overseas financial assets have been frozen,financing channels of foreign currencies have been cut off,external financial services have been restricted.Facing joint sanctions by the United States and Europe,Russia's economy has shown resilience.The internal circulation momentum of the economy has been significantly enhanced,domestic consumption has become more and more prominent in driving the economy,the role of investment in stimulating domestic supply capacity has been significantly enhanced,the internal circulation characteristics of fiscal revenue and expenditure have been strengthened,and the industrial structure has become more dependent on the domestic market.The characteristics of the external circulation of the economy have undergone major adjustments.The contribution of net exports to the economy has declined rapidly.Trade ties with friendly and neutral countries have become closer,and trade with the EU has been fully"decoupled".Foreign direct investment has dropped significantly,and the risk-averse characteristics of external assets and liabilities have increased.The adjustment of Russia's economic development model has had a significant spillover impact on the global economy,which is mainly reflected in:Europe is stuck in development difficulties due to the pressure of energy substitution;some developing countries'international balance of payments has deteriorated and fallen into a sovereign debt crisis;geopolitical factors have an increasingly prominent impact on global trade and cross-border capital flows.Although Russia has the basic conditions for economic structural transformation and stable development,it still faces great challenges in achieving long-term rapid growth.The adjustment of Russia's economic structure provides a useful reference for our country to better adapt to changes in the geopolitical environment and prevent sanctions risks.China should actively grasp the evolving trend of the international order in the post-pandemic era,continue to tap the potential of consumption and investment,and consolidate the foundation of the internal economic cycle;improve domestic supply capabilities and promote the upgrading of the industrial structure;weave a"safety net"for sanctions immunity and promote higher-level external circulation growth;adjust the structure of external assets and liabilities to promote the smooth operation of the financial system.
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维普
