New Financial and Economic Mechanisms in the Development Strategy of the Far East

In the current geopolitical situation, the role of the Far East has increased significantly, so the choice of the basic directions of development and turning the Far East into a dynamic region becomes a strategic task for Russia. Contemporary public policy in the region is aimed to bring all the types of resources, existing capacity, as well as territories into a single regional center with a diversified economy and sustainable development. The study of socio-economic status of the subjects using statistical data and their analysis over the years has allowed to identify the main problems inherent in the region, including the territorial dispersion of the regions in the far Eastern Federal district, the relatively low level of development, inadequate energy and transport infrastructure, the obsolete industrial base, low degree of diversification and innovativeness of the economy, the lack of human resources also the imbalance in the structure of sources of revenue and limited domestic financial resources mainly due to the lack of a major budget-forming enterprises-taxpayers. The state program on “Socio-economic development of the Far East and the Baikal region for the period till 2025” provides for the formation of conditions for accelerated development of the Far East, turning it into a competitive region. To implement the program new mechanisms of social and economic development of the Far East have been created in the region (the territories of advanced development - TAD); a free port Vladivostok; a system of investment projects infrastructure support; A Fund of the Far East and the Baykal Region Development; a new mechanism of prioritizing the Far East Federal District accelerated development state programs, aimed at creating the conditions for implementing new projects. At that it is underlined that a rethinking of social and economic policy is taking place, which should be aimed first and above all at diversifying the economy. It is mentioned that the issues of complex development are advanced to the forefront, which allow the region to become investment prospects with improved business climate and actively develop international cooperation in the Asia-Pacific region.

strategic role of the Far East, potential of the region, territory of priority development, free port of Vladivostok, infrastructure support to investment projects, the Foundation for Development of the Far East

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