Resources of China in the Far East
High rates of economic growth of east neighbors of Russia make this region attractive from the point of view of investments search for development of the Far East and formation of the integrated approach to high-quality high-tech development of Far East territories question as parts of the Asian-Pacific Region.
In recent years the priority way of the Far East development is industrial clusters creation — networks of industrial parks. In its turn industrial parks have to be the basis of so-called ASEDTs (advancing social and economic development territories) — platforms focused on global competitiveness. The geography prompts that future industrial parks have to be focused on the consumers from the countries of Asian-pacific Region.
In the long term, the Far East can become some kind of industrial production center of Russia. So, potentially advantageous position of the region develops taking into account such factors as advantageous geographical position of the Far East for foreign economic relations development with the People's Republic of China and Asian-Pacific countries, high transport and transit capacity, existence of the higher and professional education system, developing transport infrastructure and so forth. Besides, an important role is played by the state support of the capital inflow from national and multinational corporations, in particular, the bill of the Ministry for Development of Russian Far East "About territories of the advancing social and economic development in the Far East and in certain territories of the Russian Federation" mentioned above and other bills, implying the change of the Tax code of the Russian Federation. So, tax preferences granting to the advancing development territories residents is expected which aren't applied on other parts of Russia:
- zero rate on profit in the part enlisted in the federal budget for a period of 10 years;
- establishment of regional tax component at the level of not higher than 5%;
- reduction of insurance premiums to 7,6% of compensations fund;
- regional property and land taxes repayment.
Volume of foreign investments into the fixed capital of the enterprises of the Far East in 2013 made more than 2.2 billion dollars. The largest volumes of foreign investments in 2013 were directed from Japan — about 825.7 billion dollars — 44% more, than in the previous year. Korea and Malaysia were among other significant investing countries among the participants of ATR.
China shows a keen interest in the Far East development. Thus, in 2013 the agreement on investment into infrastructure projects of the Far East between the Russian Direct Investment Fund (RDIF), the Chinese investment corporation and the Russian-Chinese fund was reached. In April 2014, the Chinese development bank made the decision on allocation of 5 billion dollars for the Far East development, more precisely, for the projects located in advancing development territories. At the end of 2014 the Chinese commerce and industry bank which has the world's largest assets volumes, the largest Chinese shipbuilding company China State Shipbuilding and the Ministry of development of the Far East signed the contract on cooperation in ship-building cluster creation. Thus, the extending partnership of Russia and China can provide the successful realization of the idea about creation of advancing development territories at the eastern boundaries of our country.