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Промышленная политика Китая: на перекрестке мнений
The main difference between the modern Chinese economy and the economies of developed countries is not a greater social orientation, but, rather, a more active implementation of industrial policy. Its tools in China are extensive and multidimensional. It includes preferential loans for companies in priority industries, tax breaks, financing from public venture funds, foreign trade protectionism measures, and much more. However, in the economic literature there is no consensus either on the effectiveness of industrial policy or on the very justification for its existence. Many neoclassical economists deny it as such. Those who justify its necessity by reference to “market failures” often fail to build a consistent concept. The way out of the situation, apparently, could be the creation of a holistic theory that would show what roles market mechanisms and government intervention play in the process of economic development.