During the Four Countries Think Tank Joint Research Report Release and International Symposium on “Decisive Battle: The Progress of China's Comprehensively Deepening Reform and High-Standard Opening Up in the New Era and Prospects for 2029 and 2035', Sergey Glaziev, Vice President of the VEO of Russia, Academician of the Russian Academy of Sciences, Former Counselor to the President of the Russian Federation Putin, gave a speech, what he said is as follows:

All the world during the last few days, watched the Central Committee of the Communist Party of China resolution, which I'd like to make few comments, further deepening reform comprehensively to advance Chinese modernization and since it is very important document and looking at it, I have clear understanding that Chinese leadership have clear vision, have strategic plans, which will be implemented because they're based on the scientific approach and they are comprehensive. This gives new impulse for development, both economic, social and technical sphere.

First of all, we should think about the opportunities, which are creating for the Chinese economy and modernization. According to the resolution of the Central Committee of the Communist Party of China, “As Chinese modernization has been advanced continuously through reform and opening up, it will surely embrace broader horizons through further reform and opening up. To deal with complex developments both at home and abroad, adapt to the new round of scientific and technological revolution and industrial transformation, and live up to the new expectations of our people, it is vital that we continue to advance reform. ”This is the citation from this resolution. What is the most important from my point of view in this approach? As I mentioned, Chinese leadership got a very ambitious results during the last decade. China took a series of measures to achieve high quality technological innovation and economic growth, such as promoting the common development of economics of all ownership, building a unified, open and comprehensive competitive market improvement, the government capacity for governance and macroeconomic control, supply side structural reforms, reforms, the science reform and the science and technology system.

For the last ten years, the number of Chinese innovation companies increased from approximately 45,000 to around 465,000, which means they increased ten times. The proportion of the added value of strategic emerging industries in GDP rose from 4 to 15%. China becomes the world leader in high tech sector. In the last year, the total research and development expenditures accounted for 2.64% of GDP, reaching the level of world-class countries with high R&D intensity. It means that China use the science and technology progress as a main mechanism for modernization. And this is quite up to date approach.

At the same time, China created a very diverse economy, which includes both state owned and private sector, and all the ownership, as mentioned in this resolution of the Communist budget of Congress, all the types of ownership have equal opportunities. So the most important in this approach is that advancing reform is essential for upholding and improving the system of socialism with Chinese characteristics and modernizing China’s system and capacity for governance, for putting the new development philosophy into practice and better adapting to the evolution in the principal contradiction in Chinese society, and for adhering to a people-centered approach to see that the gains of modernization benefit all our people fairly.

The development of human community with the shared future, and we need the strategic initiative to accelerate the global changes, create a new trend of growth in the world economy. By the way, here in the Eurasian Economic Union, we are also now planning our further development until the year 2030 to 2035. And for sure we shall use this Chinese approach, as one of the guidelines for our own planning mechanism, because we also want to see the Eurasian Economic Union as a directive center for the people, for the investments, with the high standards, with the modern market economy oriented to the social needs for the well-being of the population. And China gives us a very good example. And I’m sure that, building the modern market socialist economy, China will increase the efficiency of all the resources which are used in the country. As an economist, I should say that this is a very good and right approach.

Here in Russia, we have prominent debates about the role of state owned companies and the role of private companies, how to combine the state owned sector, together with private competitive sector. And I think that, Chinese model give us a clear answer that, showing the optimized the proportion and the coexistence between state owned enterprises and private sector. And as we see it, in those plans that the Chinese government clearly defined the functions of different types of social owned enterprises and proclaim the tasks to improve the management of the program and primary responsibilities and core business identified the key areas and orientation of state capital investments. Really, the search capital investments, a very important part of the Chinese mechanism of economic growth.

For instance, in Russia, you know, we moved through the huge privatization campaign and this privatization campaign undermined the role of state owned companies. And Chinese experience showed us that the state owned companies can be a locomotive for macroeconomic growth, for maintaining stability and for promotion investments. So this combination of private and state owned companies is a very important feature of the Chinese model of economic growth. The government private partnership really creates a huge opportunities to use private entrepreneur in order to achieve the goals of the economic growth, the goals for the harmonization of economy to create new opportunities for economic development. It is noteworthy to mention that this combination of state owned private companies, create very good incentives, for the growth of investments.

As I mentioned, the strong feature of the Chinese economy is very high accumulation rate of investments. And in the long term, government investment mechanisms are supporting the development of major projects, using the combination of public and private interests and market driven mechanism for ensuring self-sustaining growth of efficient investments. So this is the guarantee that investments will be efficient and will be optimized, by the criteria of the growth of economy and the well-being of the population. China becomes a very open economy, and to the new era is called high standard open up. And we see clearly, that China is open economy, not only in terms of international trade, but participate in international investment activity. We really see that in the future plans for the year 2035, the Chinese party leadership apply the new development philosophy to steer reforms and ground the efforts in the new stage of development, this supply side structural reforms improve incentive and constraint mechanism for promoting the high quality development and strive to create new growth drivers and strengths.

The strong feature of the Chinese economy is the harmonization of strategic planning and market competition. It creates the complex mechanisms where strategic planning, useful guidelines for the private entrepreneurs, the financial system is created in such a way to promote investments. And all the parts of the macro economic policy, monetary policy, taxation policy, or foreign trade regulation are combined as a holistic system, which is designed to give more opportunities for economic growth. And for this reason, we see that Chinese economy becomes more and more complex. It becomes more and more holistic. it is very important that in this political document, we see that the Party leadership is trying to build industrial and supply chains that are self-supporting and risk-controllable, improve the institutions and mechanisms for bolstering key industrial chains such as integrated circuits, industrial machine tools, medical equipment, instruments, basic software, industrial software, and advanced materials.

China has already becomes the largest, science and technology country in terms of number of scientists, the amount of expenditures for research and development. But now, as I see it, the Chinese leadership is trying to create a new more efficient system of management in science and technology policy, which will be very well organized, which will include various paths of control and monitoring, researchers will have opportunities to for high-risk innovations, government will help innovation activity with the various systems of the finance, strengthen enterprise led collaboration between industries, universities, research institutes, reserved fund systems, which is very important to avoid high risks. The very important part of this in a new era, for the Chinese, deepening the reforms and high standard opening up is the role of scientific community. As I already mentioned, China becomes, already the largest country in terms of research and development expenditures and number of scientists and engineers.

In the year 2035 China is expected to become the world's largest economy, with sensitive technologies strengths in most industrial region world's first class level. China continued to be one of the most favorite investment hotspot for enterprises and individual from all over the world. I am sure that that news this new era of Chinese reforms, which a comprehensive and deepening and will be based on modernization, will create the core for the new world economic mode. Sharing that already becomes the lead in the country, in the real sector of economy, it becomes the leading country in the investment activity and it is becoming the leading country in science and technological progress. Of course, China is rather a big, economy, the largest in the world. And it is quite clear that a China is, able to create its own, supply and demand value added technology, logical change. It chains, and to be self, productive, self organized and self-sufficient at the same time, we see the transition from the old, old economic mode, which was dominated by the Soviet Union and the United States for the whole of the 20th century. We are coming to the new world economic mode, where we expect to receive multipolar economic organization. And China for sure will play the role of the core or this new rules economic mode.

The One Belt, One Road Initiative give opportunity for all other countries to join the call or the new economic mode. And here in the Eurasian Economic Union, we are trying to combine our Eurasian economic organization with the Chinese initiative of the One Belt, One Road, and we see that the plans for the further development of Chinese economy until the year 2035 are quite clear and openly give us opportunity for combination. Our integration model with the Chinese model of development, this will create the basis for the alleged Eurasian partnership, which was declared by the Russian President Mr. Putin. In the Eurasian Economic Union, we are trying to elaborate our plan for the development of our countries to till the 2035 on the basis of declaration, the Eurasian Economic Road, which was signed by the heads of the states of the original economic union. And those plans which we see now in China for the new era or development and those plans which we have liberation here in the Eurasian Economic Commission could be combined together, and we can create our common future, based on the ideas of modernization of harmonization, of well-being, of peace and prosperity of all the nations.