then quickly and to the work of the government changed the program further. we talked about the importance of supporting investment activity, and in general, this task is being carried out. in terms of indicators, if we now look at the level of investment from the first quarter of this year to the first quarter of 21, then this is plus 15% in real terms. well, in addition, quite a lot of tools have been launched this year. we are still separate. i think we'll talk about it, and now the third one was just about foreign trade and the adaptation of foreign economic activities. well, we can say that it seems to us that now it is worth applauding what the minister remembered. really. which kipian set himself a year ago. it seems to me that it’s worth applauding, they usually forget, but i’m sorry, i interrupted. now let's get back to the topic of economics. well, we can describe it further there, that this is domestic demand on the one hand, on the other hand. this is exactly an open economy to external exchanges. this is not only exports, imports of services - this is probably

the movement of money and an open capital account with friendly countries and the floating exchange rate of the ruble here in this economy, where the right of property is protected, and moreover, both residents and non-residents. so it seems to me that we also went through all these forks this year and, uh, we answered each of these questions quite consciously and it was such a big discussion. that's probably much, yes, and if we look at the numbers, then we also have this year. we are moving exactly in this direction with us, but demand has recovered inside. even if we are there since 211, to compare, it is structurally different retail trade in the red services in plus tourism by 30%. with investment. i have already said moreover, we are restoring the share of machinery and equipment. that is our economy. it behaves quite adequately and works in russian demand for demand growth, it responded with an increase in supply. yes, we discuss inflation risks all the time. they are not me, but they are realized much more slowly and in the wrong volume. perhaps, as it seemed to us, therefore, from this point

of view, we have a completely living mechanism. it would be nice to understand why he is so alive, and therefore why and why really stupid? why no? well, such a wording may have turned out to be aggravated. yes, that is, due to what, due to which of our actions , including, which means that such adaptation is proceeding so quickly, and it seems to me that the key point here is that we , while maintaining macroeconomic stability, have provided sufficient, and monetary, oxygen to the economy. that is, we simultaneously combined a fairly loose budget policy and, from our point of view, a neutral monetary policy of the economy had money to adapt structurally. and this is probably one of key points. it helped us in covid. and this is a help. as for last year, and well, without this it will be difficult for us to continue, but to engage in investments, there are structural changes and so on. it seems to me that this is an important issue, which, perhaps, can be discussed separately. thank you for illustrating. now. sorry to you

because in fact, when we talk about the structural transformation of the economy. we owe this term to you, i mean in russia , well, excuse me, you were the first to pronounce it, when there was nothing like that at all. it was october twenty-one. it seems to be a very common term, perhaps perhaps, but for the first time at an official level , it would be pronounced. excuse me, even alexander copper zhukov, here he is sitting, he will not let you lie for the first time it was said on the report of the central bank on the report of the central bank uh, in october uh, the twenty-first year, when they said? radio sputnik let's figure out how, in fact, only in alpha bank a loan for business up to 50 million rubles in one day for a business for 0 rubles with free service , alpha bank is the best bank for business. we are in

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customers. compare performance with your competitors in the verby business app. grow your business with us. maybe you can draw a collection for us. this means that a wide range of people have grown at the expense of budget spending at the expense of the public debt, that is, the place of the state state look at silyanova. it's just happiness. well, you see, you have made a person happy. well, the fact is that here the question is not only that, uh, the budget for rice is put, but we get, if we do this, we get unavailability of private credit. well, either high inflation, which we will try to prevent. it is up to the private sector to make the decision. where to redirect what, and the state must create conditions for this, because if you understand, if the budget.

we went through this, if the budget costs for the production of the project grow on a large scale, then the entrepreneur thinks it is much more effective to run to get benefits than to prove himself in competition? than, respectively, to increase productivity and this means not selecting the most efficient but structures. construction, even if we are talking about industries, we are talking about the fact that we must become more efficient and more productive. we want it. well that's hmm probably something to worry about in terms of. uh, you can ask now, happy ivanovich's strength was so happy for my m-m. i once again heard my colleagues, that money is not the main thing. all this is good, but did i understand you all correctly then, that now, roughly speaking, there is a dispute or disagreement. uh, here, uh, maxim gennadievich said that it could be worse, but thanks to our actions, our

policy. uh, so bad it didn't happen it got much better. and here's the second point of view, what you need to think about, has it become better eh? thanks to our efforts or because they were insufficient. as i understand it, i understand it, but andrei is generally an adequate woman. you say, but let's still anton germanovich, and then, but because already , uh, maxim stanislavovich cannot be silent, so your remark, and then immediately to us tell me how we will live? well, that is, uh two uh, two, the first one. uh, it means growth due to the fact that yes was poured into the economy and the second is the second topic. uh, i could have limited myself to these smaller infusions, but the business quickly adapted then mikhailovich, now

you see the topics, i don’t know, well, that’s how the question was posed, but you know in general both this and that, but more. i am inclined to yubiza no, i agree with the selection, because really, if we they would see a quick adaptation of our business and the occupation of those niches, including, it means the foreign companies that left these ones they regret, probably about it now here, uh, so uh, this is an opportunity. the opportunity to develop the opportunity to occupy these places. uh, that means the business that's gone. by the way, this is ours, maybe we did not expect. it's that it happens so quickly. by the way, this is very good. i want to say that if you look even at the index of confidence, but business. yes, he is drunk, then he grew up. and if that's the case a year ago, about forty-eight percent is now 54. no, you see, that is, we are talking about the fact that despite all

the turbulence, business wants to work. no, it's obvious. i heard this a couple of days ago. this is the first government that has finally gone into business with us meeting. he asked to be given the opportunity to pay the tax. and the government went to meet. they made it possible to pay the tax no, no, this is this, uh, this understanding with business is becoming everything. e better quality. i absolutely agree with you. by the way, i'm sure that you were just against it. for for balance maxim sidorovich, now you can have your point of view on this issue, but the only thing you can do is, when you talk about it, by the way, we are talking about the future about the vision of what it is, uh, i have the transformation of the economy here, uh, you know me all the time that's not the more that i remembered elisharing. these are actually words, well, translated into simple, understandable russian, and, uh, sharing is divided. eh, so

verbatim to share with friends. we will, that is u colleague. no, i'm sorry anatolyevich, i didn't mean to offend you. this is the man who occupies a post in the united states similar to the post of our anton germanovich. here in russia is the minister of finance. this suggested is the term uh, share with friends. well, uh, share with friends they believe, as i understand it, uh. beneficial for america you yourself said that we are building an economy with friendly strangers, in general, i believed that economic relations are relations of benefit. i'm not high- this is what i'm just waiting for, that you now, er , will finally say who is right, who is wrong? the same one should be the judge, so here's the relationship benefits. and here, as i understand it, here is the friendly attitude of china. india we represent india at a discount with a very big discount. here, i would like to understand, since friendship in the usual we have in our relations is limitless.

how big can be further this discount. is this friendship in relation? eh? well, if when we talk about ourselves that we present them with a discount under friendship or it is friendship, then they take only such a discount from us. i'm just saying that doesn't it seem to us that we are trying to transform the economy here. here you are in another driver theme. if we talk about discounts, then they are actually less in reality and will be even less about it. you don't have to tell anyone well, that's all. they thought it was bad. everything is bad with us. yes? no, you understand big and so on. it's like a different story. friendship is irrelevant if we talk about structural changes about the structural transformation of the economy, then in fact, it seems to me that everyone who spoke before is right, that is, wrong. no, why? yes, if there weren’t massive large-scale support in april in may last june the situation.

it was much worse, if there were no guarantees for loans, if there were no budget injections of a large volume of the instrument that both the government and the central bank used actively used the support mechanism, if it weren’t for all this, it would be more difficult for businesses to cope, but at the same time, it’s absolutely right that if there was a desire to steer processes instead of business, it would also be worse. and in fact, it seems to me that such a familiar moment was here a year ago. when the president spoke he named the principles. how we will act in this situation will also determine macroeconomic stability, stability at that. it's not just in terms of having nothing to spend and raise stability rates. this is a balance in order to pass smoothly, as it is necessary if we look at the current unemployment current inflation - this means that we have achieved this balance, this is the result of the actions of the ministry of finance of the central bank of the government as a whole, no doubt, but with

the president also spoke about this and the brother of the openness of the economy, because some people had the desire to close everything , do nothing, and so on. he talked about entrepreneurial freedom saying, a lot of password business, because there really were ideas. come on, we will now bring in the lord everywhere who will save us. uh, the way we followed these principles, we achieved the result that we achieved. thanks uh. excuse me please, now just can not help but return to the lyrically related. here, uh, i definitely understand that maxim gnatevich have something to say about it. well, it's just that we're here. it's just that we just have to say some questions. so we realized that each of those present practically. uh, well, he talks about the transformation of the economy from different angles, but here is a very important point. here's how it is in this situation. you see the steering wheel of the financial system of the banking system. that's just to ensure that this transformation. why am i disappearing

talking about this, because we all remember very well that the first sanctions strike fell precisely on the banking system, and we see that those who applied it, really did not achieve the results of functioning, that is, it was created with great strength. and this is indeed a very significant result, but now, as it were, our tasks are changing from reflecting on sanctions strikes to building up to transforming the economy. what are the new challenges here? uh, well, really, the whole financial system should be readjusted to serve, if you want the restructuring of the economy, which is the restructuring that the economy is going through. stay strong one more time for the financial system confidence, the stability of this is important and the fact that the financial system

withstood such a shock last year. er, it shouldn't be here. uh, it's a delusion to think that she is there, she has such a margin of safety that we can soften everything now. hmm and uh, she will remain, so we are acting very differentiated here. here we have developed a taxonomy program together with the ministry of economy, so many people may have heard it, but we are talking about the fact that the government has defined the criteria. it is very important exactly criteria not specific projects. not the names of the company, but the criteria for projects that, if the bank finances, then it will have relaxed regulation and the government has accepted all the documents of its country. we just recently adopted all the documents, and i would like to say something about that for banks. uh, such preferential conditional regulation will operate under the project, which has already started from september 30, 22. that is, if a business started projects in priority sectors, there is

import substitution and structural transformation, then this mechanism of stimulating the risk sensitive regulation, as we call it, will already be applied to these projects. even in hindsight. uh, but what i would like to tell them last time, i think they also talked about it. our banking system has historically dominated when we talk about the availability of financial resources. we immediately think about affordability, e.g. interest rates, and i think this is also a delusion, because we do not look at the capital market, because yes, we need long-term finance. long-term financing is the affordable rates for long-term loans. but this and the availability of capital, their ratio is available loans. long-term is low inflation. this should be our responsible policy with the ministry of finance to keep inflation under control. long-term rates have been moderated, the capital market, but it's

right here. uh, sometimes there is also confusion that it is mainly about how much a share is traded, how many joint-stock companies we have , this is important. but when we talk about shareholders for capital for development, an important indicator is when an entrepreneur is ready to sacrifice his own funds for his profit in order to develop production, and not only with loans, and we know many companies, many companies develop in this way, they have good profitability, and when a company says that only cheap loans are needed for development. this can often be either a sign of no competition. and here, in addition to the tools that we create as a regulator, we already have almost everything, of course, the basic things have been created, the protection of property rights, the predictability of taxes, the predictability of prices, rates, and the predictability of sectoral regulation. it's all important for in order to raise money from minority shareholders. they have an even greater risk, because

they have the risk of dishonest behavior towards them by large controlling shareholders, so this should also be monitored. but we have a huge capital market resource. why am i talking about this, because in my opinion, we have not used it before, and we should all use it together. and by the way, litmus test one word litmus test for the capital market, very important information. nobody will give their money without knowing where. will not invest in the market if there is no information, we have july 1 ends. here is the period of such information closure of issuers. i hope that a decision will be made that will indicate that we are interested in developing the capital market. thank you. well, i understood our two clarifying questions. well, regarding the disclosure of information , i’m ready to agree from the point of view of the question, he just, probably, it should be some kind of assumption, what will be aggregated, what will not be, sensitive information

open up unconditionally. our opponents are also waiting for the disclosure of information, it turns out, uh, rightly maxim stanislavovich that some things are better just not to say. uh , it seems to me that this is such a middle ground, but you can clarify based on what you said, uh, tell me, in this situation, you said about the capital market. that's why we are talking about the banking system , the banking system is a banking system, the system is still a tool for development, too, or is it , first of all, saving the money of depositors - it's the banks that don't have their own money. this is money depositors, therefore, i would just like to understand, here are banking, because usually we only talk about this. you rightly said it, both banks have their own money. capital, it's called. er, agreed. now you can say so e well for unforeseen losses. and this is also capital - this is, in principle, the need for capital

in banks - this is the protection of the same depositors. well, uh, and for a long time, it really was considered, and we believed, that the banking system should be neutral. yes, it is primarily through the standards. here regulation should ensure the interests and depositors of the creditor, but after a period of recovery of the banking system. she is really very healthy here, and this crazy crisis has shown that she is able to endure. these are the blows, uh, capital that is not drawn is real capital is its reserve. uh, the banking system can play a big role in financing development, in addition, we believe that for banks, if the banks will finance the project and transformation. this reduces the risks, that is, the economy will healthier than they are hmm and so take that risk. this is normal, that's why we made this regulation, which, as it were, encourages banks

to redirect resources to those projects that transform our economy, is very important. this is a very important thesis. really from you, but the second question you have not touched on your own speech. here's what i wanted to clarify. is it necessary to maintain the integration of our financial market into the global market? of course it is necessary, but first, i want to say how it should be, yes, first i want to say that hmm we talked about fragmentation-fragmentation de globalization, because in the world financial market, and it was very global, there is also a significant change. the first is rethinking. the role of reserve currencies. we see this. although the dollar remains the euro-reserve currency, but after the story with us, many countries thought about diversifying reserves, because the issuer currency. he can abuse his status there on a limited scale when it

begins to affect a large amount of the world trade, then everyone starts to think that this can turn into big risks, even if they are unlikely there, and many countries will think about the second. uh, major changes are taking place in the payment infrastructure. she was also very. these are several western mastercard swift visa systems and we are now seeing an active movement of many countries to create such regional payment platforms regional and the first countries began to develop their national payment system. which was almost non-existent before. we also had until the fourteenth year and there were practically none and the stake is being made, as we, as i see it, on the trend that national payment systems will be different, and they will be hmm uh, what is called and will communicate enteroperability with national payment systems of other systems, or with such regional platforms. and this will

happen and our integration into the global financial system. e, in. e. here in this structure should occur. and, in principle, even though it may be, it sounds counter e intuitively that she has such sanctions for everyone , the desire to close to develop on e, means on own only e-e resources in its own market, especially since last year showed the success of this. uh, it might seem like there's so much isolation out there and relying on your own strength is a good strategy. but in my opinion. this is wrong. we need to integrate with countries with companies with investors who are ready to receive benefits from this and the benefits of market scaling. we know that many, for example, projects. they may be small for our national market, you need to enter export markets. of course, we need such integration, just like in the financial sector. thank you, colleagues, your

reactions are really yes, please not karl marx is our capital, yes, i would also like to react and agree with this, so we have money in the economy. wait , and i say that there is in the economy. see profit before tax here. uh, that means no financial companies and no small businesses. oh, that's it, i wrote down 23% of gdp and investments 10. yes, it seems to me that we need 10%. it's not yet financial companies without small businesses. uh, that means, and if we take ourselves kpi for the next year, so that the figure knows about it. here, well, perhaps one and a half was more. well, that would be a real contribution to our economy. there is no

desire to tell the company to take there and throw away part of their shares, the market. they would collect there. uh, i think, well, at least 30 budget uh, what is there, even in fact, everywhere the state take into account that the decision is not made and you are there, please, real money, don’t, don’t need anything at all, what or this that's too much for this panel. as if with the company maxim otherwise something or i just saw how you, too, here is how anton genuch answered the previous one in the russian federation, you became more and more satisfied, satisfied, and dissatisfied. that is, what is there to add. yes, i probably would have responded to a few questions, the first one, after all, we so casually touched on the role of the state in structural transformation, but it seems to me that it should also not be underestimated and we can say that structural transformation can take place completely without the participation of the state without a budget and without everything. well, she can get through. well, we probably won't like it.

result. that is why we must discuss both the scope and the role and form of state participation, that is, structural transformation. and, of course, we are behind this time in recent years for a job or a great toolkit. it presupposes not only direct budgetary he presupposes, but also guarantees and some kind of division. discs reasonable yes, and a guarantee of a long-term order and many other forms, which, in principle, later the financial system can evaluate as potential business capital. and actually, due to this already then attract additional financial and other resources. therefore, the theme with the participation of the state. she is extremely. it seems to me that the discussion is still relevant and will unfold. and here it is under budget constraints , because no one argues that we are working under budget constraints, and obviously it will not be tough and competition for budgetary resources will increase, we will have to prioritize budget expenditures. and priorities are not only what we

do. this is another question. what we don't do. and so it seems to me that this is just question for the coming months. when we have to answer these questions and , frankly, what industries can develop independently within the framework of the market environment that is being formed, including taking into account the growth of incomes of the population, which is going on, as it were, and tells us something then stop dating. and this is going to be very serious. question this is probably the first reaction, and the second reaction about the banking system. here. we, too, may have been discussed that a structural transformation is underway and the financial system too. yes, our banking system provides more than 90% of the financial resources for the economy. but hmm, we clearly have this our traditional problem was the lack of competition in this area due to the closure of western markets and the departure from here, including there, at least from active lending. and that means subsidiary banks. eh, this problem is getting worse. and we

see that this includes the growth of profits and so on. on the one hand, this is good and indeed there is capital, but on the other hand. this may also be a sign reduce competition, which is why we have such a big challenge here. and i completely agree here. so we are grateful to the bank of russia for the fact that the bank of russia is engaged in structural transformation. we work together and set an example. xanami is a very good example . there is still a lot to be done here and there, but at the same time you need to think and develop some systems. well, what is called over the banking system. yes, some alternative, and mechanisms including digital financial assets. we have a bond market raising funds of the population in some sort of, uh, in such investment activity, taking into account all the restrictions, of course, as it were, and stability in the first place, but the minister of economic development should give, the population shuddered, but, but this is not the question. we must give people a choice.