will american and western european investors return here , what do you think about this? i really hope that we will be able to communicate with them directly, on a personal level, but contacts continue, in fact, if i can be honest. but they are not allowed to simply do this from the political level, the shouts and decisions made do not allow them to work, but ultimately, in my opinion, in my opinion, sooner or later , common sense will prevail, i am set in this way, thank you very much, let’s thank vladimirovich for such an offensive, thank you, thank you very much, all the best, dmitry vasilyevich,

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afternoon, dear colleagues, we continue to take measures that promote the structural adaptation of the russian economy during a period when sanctions and restrictions, today these measures help enterprises organize the production of critical equipment and all necessary components in order to minimize our country’s dependence on foreign... developments and on foreign suppliers. on the instructions of the president, we are launching a new program to support large investment projects that contribute to the achievement of technological sovereignty. it involves increasing the availability of debt financing for the implementation of entrepreneurial initiatives costing from 1 up to 20 billion rubles. for this purpose, the development institute rbrf will begin to provide companies with guarantees according to a simplified scheme. the volume

of which could reach 200 billion rubles. according to the approved rules, with their help it will be possible to secure obligations in the amount of up to 50% of the full loan amount. moreover, the share of the borrower’s own funds must be at least 20% for a loan term of 3 to 15 years. the new tool will help open more promising industrial productions. on to another topic: stimulating the development of small medium-sized businesses. one of the government's priorities. in this sector, many important tasks for the state are being solved, services necessary for citizens and enterprises are being created, new jobs are being created, interesting innovations are being born, and today we will allocate an additional almost 1 billion 300 million rubles to implement leasing support for relevant organizations. it operates within the framework of a specialized national project, which is carried out on the initiative of the head of state. this funding will

expand the number of participants in programs that conducts leasing for smes, more companies will be able to sign an agreement at preferential rates of up to 6% for... russian-made equipment, obtain the necessary equipment and fixed assets, and, as a result, improve the economics of their projects and increase the volume of production of important and necessary products. today there is a whole block of regional issues on the agenda; on the instructions of the president, we will help the constituent entities of the far east and the arctic zone with the purchase of heating oil. the fuel will be used to replenish reserve reserves at heating plants and boiler houses in the kamchatka territory and murmansk areas. by the end of this year they will receive about 4.5 billion rubles. the measures will make it possible to compensate heat supply organizations for the rising cost of fuel and provide heat to homes and social facilities, our enterprises. in the fall, work was already carried out to

stabilize the domestic market for petroleum products, for which we partially limited their export from the country, this helped stop the rise in prices and completely meet the needs of our farmers and others... the organization of fuel and lubricants for this industry, of course, housing and communal services. also, today we will decide to support the donetsk, lugansk republics, kherson and zaporozhye regions. the president instructed to pay special attention to the integration of new entities into the russian sports system. the government is actively working systematically to resolve this issue, previously allocated funds for the overhaul of sports infrastructure, and today we will allocate additional resources for the restoration of ten more facilities, these are ice arenas, swimming pools, stadiums, educational complexes and schools, thanks to the measures taken, amateur and professional athletes will have modern, convenient places for training, which will contribute to

the development of mass sports in these russian regions. this was footage of a government meeting, now again broadcast from the vtb russia testament forum. in implementation. projects, and it is clear that the financial sector also has a very important task here, this is the effective allocation of capital so that capital goes to those who will use it as efficiently as possible and increase production possibilities. thank you very much, maxim gennadievich, can you add anything regarding your vision of the economics of supply and the characteristics of economic sovereignty? yes, i’m probably more likely to make a general assessment about whether we can continue to grow or not. well, it seems to me that we have a key criterion, and we are now saying that the labor market there is the main limiter ; we are saying that the economy is overheated, but let’s see, we have been growing with an unemployment rate of approximately 3% for a year now and growing at the same pace as vladimirovich now noted 3.5%. we we underestimate the flexibility of the labor market and

the mechanisms of our labor relations, just as we previously underestimated the flexibility of our economy and stability, we will most likely see in a year, when the data comes, that our fund of hours worked has increased and therefore partly an increase in wages is explained by this, and our labor productivity is growing, but we see this in specific macroeconomic examples, we will see this a little later, but this is already obvious, plus we, in principle , have quite large reserves in the labor market, we now have a lot of young people enter the labor market , the labor market, everything we do is vocational, engineering schools and so on, student contracts, all this just increases the participation of young people in the labor market, so there is great potential, great potential for the involvement of certain categories , socially vulnerable categories and so on, there are distance workers and so on, employers take advantage of this, we have great potential in reducing the excess employment that we have, mandatory requirements, and so on and so on, that is, we understand that

we, in general, the labor market is not some kind of limitation that we cannot overcome, it is also flexible and so are we and we are also moving, from the point of view of credit growth plus 21%, but whether this is a lot or a little, but from our point of view ... there is a big increase in lending , this is the replacement of western financing, yes, we get more expensive, russian, but in general a significant part, it does not go to expand demand, we are in fact replacing, here is the second point, our need for working capital has increased capital, we are now largely we service all our exports ourselves, moreover, supply chains have lengthened and so on, so this increase in credit does not look like something prohibitive now, although there really is a mortgage problem, we are discussing it, here, however, this does not mean that everything is frontal , impulse, the graph on the video was wrong, this year it will be less, less in all respects, well, it’s 2:1, which means that since we are counting it, now we were talking about income, minus expenses, we have a budget impulse there we think more confused, budget rules and so on, but even taking this into account, it

is significantly reduced for us, yes, that is, we had 2.1 last year, this year it will be 1.4, well, that is, we understand, that there is also a restraining influence here, that’s why inflation , yes, it is, of course, higher, higher than targets and so on, but core inflation, if we remove all kinds of fruits and vegetables, gasoline, etc., it is 5.5%, but in general in general, it has been growing, unfortunately, in recent months, but not as critically as yes, so i it seems that our growth definitely still has potential, so the main thing for us here is that we don’t create problems for ourselves now, and for this the main thing is to competently combine all the worlds that we have in our hands, both monetary and macroprodential , budget policy, and structural changes , structural restrictions, institutional reforms, all this needs to be done, in principle, we are doing this together with all our colleagues, but the main thing, it seems to me, is a competent combination and a correct assessment, that reserve that exists, thank you very much, yuri vladimirovich, the minister of economic development

touched upon the topic of human capital, you are considered a great specialist in attracting, retaining rare talent in a competitive industry, please tell me what in your opinion is more important and follow the path of labor-saving technologies , increasing productivity, or achieving an increase in the labor force, because between industries, but in the entire economy, the supply of labor will not change from this. yes, thank you very much, kind day, friends, we are talking about growth, high technology is an area in which there can be very great growth, i personally, when i hear that we don’t have enough people in high technology, i am always very wary , because for me this is the first sign that maybe we have taken a wrong turn, because in fact technology should serve people, look, the question is where are we burning the resource of people who can work with high-tech, uh, look how it works the world, it’s conditional, they made a messenger a new one, then they made another one

, then another one, then another one, telegram, whatsapp , signal, there is viber and so on, so on, so on, so on, they serve people, well, yes, but every appearance of a new messenger, in general , makes our life it’s more complicated, well, obviously , features appear, but this feature is not worth the resource that was made, that is , business is taking us partly in the wrong direction, i wanted to give a small example from an area that is professionally distant to me, but humanly very close. these are unmanned vehicles here, now basically the whole world began to build drones, but it seems like we are looking with horror and inspiration at how it all works, there cars dodge obstacles at a speed inaccessible to humans, at the same time they crash for some completely ridiculous reasons, but if you look at it like this , here we are people, we believe in this future, it turns out that maybe we don’t believe it, but if we talk to professionals, it turns out that the resource is buried there, a very large one is buried, and the cars are no longer going to drive, so the question, in fact, is, as a person , what do i want, i would like to live in a city

in which, well, teleportation has essentially appeared, well, in the not literal sense of the word, this means that i would like to live in a city the size of moscow, from point to point b, anyone can get there, well, roughly in 10-15 minutes without traffic jams, guaranteed, this time, i would like to live in a city with ecology, moscow in general is my favorite city, but i would add this and in general it would be the most beloved, in which i would also really like not to be run over on the way home. i survived, that's it how close are we to the emergence of such a city of the future? maybe we need to look at setting a goal not just to make a drone that has signs of innovation, but humanity is not leading into the innovative field, but essentially set a goal: let's build a dream city that has these attributes, and if we start solving this problem, we will understand that many aspects will be different, the unmanned system is different, all the highways, there will most likely be a centralized one... in another way, these are more likely

sockets, they will be cheap and plentiful, and so on further, you understand that in fact now it seems that we are not going to a place where a person will actually feel good, the question is how to do this, the question is how to cut this clearing, this is a big task, to make just an ethereal car, and the city is a very big task, but we prefer each company, each organization does everything itself, but here it is clear that another company will again burn resources, someone makes the case, someone makes computer vision, it specialists, someone makes unmanned traffic, centralized movement, communication and so on , but let's make it interchangeable, so that the competition does not take place on the full stake of technology, on a limited one, on where you are really good, you will get a super car in a super city, which actually solves our problem, it turns out that by setting only such a goal, one can actually achieve results that have the true attributes of innovation. another question is how to solve this?

of course, our world today is not ready for this kind of digitalization, because cybersecurity we see what’s going on, the era of cyber wars has begun and we can probably talk about this later , but nevertheless, a big step still needs to be taken, but the most important thing, in essence, is how to cooperate in such a way that such results are achievable, the state as a whole, now, well, not can solve such problems, why? well, because... we are not the soviet union, we do not have control over every company, that’s right, but the state still acts with support, regulation by laws, this is essentially a call to business, how can business... cooperate, start thinking about how to solve a big problem together, becoming partners, but within each piece, remaining competitors, that is , it turns out that if there is a change in the paradigm of thinking, look, this is all thanks to me to the paradigm of thinking, look, without me it was impossible, we can aim for such results, and before we know it, we

will find ourselves in cities where you can teleport from point a to point b in 10 minutes, and there are no... exhaust fumes, i think that is our task , here at the level of each of us, at the level of a person from business , from the state, understand that our path is cooperation, and most importantly, look, after all, what is the final product when we talk about this, not a car, not the automotive industry, but a city of the future, you can to sell the city of the future, and you come abroad and say, let’s build such cities together, and each new partner has his own place, he says, well, i won’t make a point. i won’t make the drone, but i’ll make the body, to your standard, in the next direction you you come, you already have one platform, two platforms, five buildings, 10 buildings, 20 buildings, this is the architecture of the technological world, which could actually suit those who are not going to develop or cannot develop their own high-tech, many will come to it then the countries that, in general, in

any case of geopolitical confusion , someone will sell them additionally, you will get 17 producers. itachanok, 20 manufacturers of housings, artificial intelligence, and so on. and this form, again cooperation, it turns out to be not just cooperation supra-corporate, national , it turns out to be supranational, at this moment, if we suddenly control ourselves, show courage, we will be able to burn human resources in high technologies with a completely different efficiency, a completely different efficiency, therefore, not a labor-saving, labor-innovative approach, i would like that said. thank you, thank you very much, elviranovna, a question for you, we talked about - labor as a factor of production, let's talk about capital , is there a similar phenomenon on the side of capital as described by yuri on the side labor, when insufficient cooperation or misdirection of resources allows

or does not allow, for example, to develop priority sectors, how do you assess - the incentive regulation mechanism you announced at the beginning of this year, is it bearing fruit in terms of financing priority sectors or does it require additional adjustments? thank you, good afternoon everyone, we have no shortage of finances, here i am, we also meet not only with bankers, but with representatives of the real sector of the economy, everyone understands that, in general, there is a resource, even if we let's look, not... at the growth rate of lending, they usually remember about loans, really high growth rates of loans to the corporate sector of 20%, in october alone 3,600 new loans were issued, well, on the profits of the corporate sector themselves, and our growth rate of financial results is more than 20 %, per month, somewhere around the entire economy earns 2.53

trillion rubles. the question of where and how these resources go, if we are talking about monetary policy, we have tools, we influence aggregate demand, now when they say that we have tough monetary policy, we really cool down excess demand, excess compared to what the economy can currently digest, because otherwise this demand simply goes into prices, and not the physical growth of goods and services, but the redistribution of this demand, which is now more or less sufficient, these should be, in my opinion , of course, first of all... market solutions, perhaps with the cooperation that my colleague is talking about, building a city of dreams, a city of the sun, but it is important that there is still the interest of entrepreneurs in this, who are in this participate and are ready to cooperate, this redistribution of resources can be influenced by the state through, but through budgetary mechanisms, this government, and through

preferential programs, including those that can be implemented through credit. but here, before we move on to the taxonomy, i would like us to avoid the wide, too wide use of preferential programs, because the more preferential programs, the more we are forced to maintain a higher rate for everyone else, and those who receive cheap loans are selected for these loans pay everyone the rest and we can enter a vicious circle , when there is a temptation to respond to a high key rate by expanding preferential programs, they are expanding, we are raising them further: in order to level out this element , preferential programs are also expanding, it seems to me that this is the path to a dead end for us, of course, this is not where we need to go, but if we are not talking about monetary policy, you just... mentioned the tools that the central bank has, this is the regulation of banking activities, it is important where and how banks allocate credit resources, capital from

there are banks, they are ready to increase lending, and just from this year, from the middle of this year, we are using for the first time , perhaps, a mechanism that encourages banks, first of all, to direct this resource to those projects that are related to technological modernization. and so on, it has just earned, it started working in the middle of the year, banks and enterprises themselves are looking at it, but now the portfolio is 220 billion rubles, this may not be a very large amount, because according to our assessment, there is potential, it will be completely up to 10 trillion rubles have been used, we will look, and of course, high-quality projects are important here, i have not received information yet, banks refuse to finance this kind of projects for some, but we need high-quality projects, high-quality teams of people who are able to implement these new projects, the creation

of new enterprises, new industries, we will work together with the government, this is our joint program with the government, and we count on the fact that this financial resource that exists will work as since we are trying to help our economy rebuild, i can say from the banking sector that we have projects that, for many formal reasons , do not fall into this incentive regulation for now, and this is not only our problem, but also a problem even consortium of russian banks, we will need - in our opinion , additional adjustment so that projects such as, for example, lending for the creation of high-speed highways, moscow, st. petersburg, on formal grounds, now for certain reasons, do not falls into the taxonomy, could get there, i will redirect you to the government. because we are neutral here, the government must determine the list of projects, areas that are considered important, yes, here we are simply giving the bank

regulation, mitigation, so maxim, i think they hear this, okay, vladimir alekovich, i would like to compare the point of view of big business and the regulator, let me quote your recent interview, in which you praised the central bank, first of all you said... it is necessary to fight inflation; against its background , a low interest rate is meaningless; in the current situation, criticism of the central bank is reminiscent of dissatisfaction with a doctor when he prescribes a powerful medicine with side effects to a patient. in your opinion, are there any contradictions between the usual tough monetary policy, the tough one at the moment, and the tasks of developing new priority sectors for the sovereign economy, for the supply-side economy? thank you, dmitry for the question, well, the way this question is posed, the answer to it will be yes, there is such a contradiction, and it is quite

obvious, the fact is that for the development of the economy there are stimulating instruments, and there are stabilizing ones, and when, in order to cool down inflation, tightening of credit policy is applied. central banks, or when the government is discussing the issue of increasing, for example, the initial mortgage payment and generally measures to improve the quality of mortgage lending, when a presidential decree is issued on certain features of currency regulation, there is no need to look for a stimulating effect in these measures, they are not there, these are stabilizing factors, because when, for example, our neighbors in turkey had high inflation, and colleagues took a long time to make decisions on

monetary policy, now they enjoy an interest rate of 40, in my opinion, yes percent already, that is, actually prohibitive, when was the last time no attention was paid to the quality of mortgage lending in the united states, well, we all remember 15 years ago how it ended, so there is no need to look for a stimulating effect in measures that are recognized to improvement of our economy, and in this sense , it is good that the central bank and the government have, so to speak, sufficient political will to make such decisions in a timely manner. thank you very much, second question for you, i know you have. a holistic vision, a holistic concept for using fiscal policy to stimulate structural changes in the economy, could you briefly share this concept. very

briefly, i’ll share, really, tax policy in my opinion, maybe properly constructed and stable , can be a significant incentive, it seems to me that now, when our economy is adapting to new conditions, and indeed the entire world economy, the quality of planning comes to the first place; it is imperative for those to mitigate the risks that arise and using opportunities, you know, a businessman who is deprived of the ability to plan can be compared to a military man who was not given an order, that is, he is the one who is degrading, and in order for this not to happen, a certain period is needed stability for 5-7 years in the region: well

, first of all, taxation since we touched on this area, while i believe that in an ideal world, of course, it would be good to expand the tax base due to the low tax base of increasing investments, but if the current circumstances do not allow this and , nevertheless, some kind of increase in the tax base is still required, it is better to do this according to very clear simple rules, that is , to impose... income tax, and not turnover taxes, to do this again transparently and open for five to seven years, so that all businessmen can draw up financial models for themselves and not make unnecessary changes to them on the fly, while in order for this not to lead to a reduction in investment, it is necessary to stimulate investment, well, first of all , probably in fixed capital, since it is so outdated in our country, and investments in this

area, firstly, in any case, there should be no problems here, and well, maybe there are still minor nuances, for example, just for example, now there are restrictions on the transfer of losses, so to speak current period for the future and it turns out that if the entire volume of tax benefits in the country is about the order we have now... correct me, if i say incorrectly, about 100 billion, then these deferred, unaccounted losses, they are approximately 2 and a half times more, well, here too , probably, the state could meet halfway and share with business - let’s say, the risks for unsuccessful projects and not impose income tax, something that is actually not profit for business, but in general , even under increased load, stability...

situation in stimulating investment, i believe that this will be a very good help so that there is a healthy budgetary situation and the foundations for economic growth are laid. thanks a lot. anton germich, having started talking about taxes, inevitably invites the ministry of finance to discuss what you will answer to big business in terms of tax stability and proposals for better loss tolerance. i understand that vladimir olegovich is ready to share the state more, pay taxes, this makes me happy in fact, what we agreed on is that we are now preparing a proposal, we will discuss it with business, and in the spring we will present a united front on how to build the tax system for the coming years, therefore, taxes are

, of course, stimulating tools, i agree with one thing on the other hand, this is a source for replenishing the treasury, we must always take a balanced approach here, it is absolutely clear here, because if we go too far with expenses, everyone likes to spend more resources, so to speak, a little more we - this means that we will create an imbalance in the budget, this will affect the subsequent actions of the central country. nobody wants to have high rates, and what is a high rate, essentially the same tax, therefore the budget, the idea of ​​​​a credit policy should always be coordinated, which is what we are trying to build and do in the village, so to speak, i think that in general, we have an understanding that it cannot be that the budget is -