Comparative Characteristics of the Factors Affecting Inflation in Russia and China

Abstract

Success of the state economic policy depends on a number of external and internal factors, condition of national economy as well as on external economic relations. Implementation of state macroeconomic policy is directly linked to approaches of the state to regulation of its inflation constituent, which became especially relevant during the pandemic. The article examines the experience of Russia and China in .their conduct of the anti-inflation policy as the countries which were initially oriented to planning economy with intensive industrialization. However after the 90-s of the 20th century the economies diverged in terms of goals and instruments used for implementation of their macroeconomic policy. By analyzing the existing theoretical and factual materials, the article demonstrates the link between inflation rate in the country and some factors. These factors include: instruments of national monetary policy; level of industrialization in the country and competitiveness of national industrial sector; dependence of national economy developments on world oil prices (commodity dependent production and export); participation of the country in the sanction policy. The authors expect that the inflation rate in Russia will further exceed the corresponding figure in China.