On the morning of March 31, 2023, the Institute for International and Area Studies (IIAS) of Tsinghua University hosted the third lecture of the “Russian Economy and Eurasian Economy” series both online and offline. Themed “Russia’s Economic Transformation and Building of Modern Market Economy,” the lecture was delivered by Xu Poling, Research Fellow and Director of the Department of Russian Economy, Institute of Russian, Eastern European & Central Asian Studies, Chinese Academy of Social Sciences (CASS). Present at the lecture included IIAS assistant research fellows and doctoral students, scholars and students from Yunnan Minzu University, Wuhan University, the Chinese Academy of Social Sciences, etc.

In the first part of the lecture, Professor Xu Poling introduced Russia’s scheme and path selection for its market-based economic transformation. Professor Xu first introduced the economy of the former Soviet Union, and analyzed the deep-seated causes for its market-oriented transformation from both practical and theoretical perspectives. Then, he explained the origin of the transformation and the consequent liberalization, stabilization and privatization, and expounded on the “shock therapy” with data and examples. He also expanded upon the results and scheme of the “shock therapy” and policy adjustments, as well as the evolution and main line of the scheme.

In the second part of the lecture, Professor Xu examined the modern market economic model of Russia under President Vladimir Putin, with a focus on the policy proposals on transformation and Russia’s future in the early stage of his administration, the economic growth and market economy system during his first term in office, as well as the practice in the building of political power and the socialist market economy proposals during that term. Professor Xu also made a comparative analysis on the differences in the governance concepts of Putin and Medvedev. Finally, he made a summary of Russia’s transition to a market economy against the backdrop of large-scale sanctions.

After the end of the lecture, Professor Xu answered a range of questions raised by online and offline audiences, such as the reasons for Russia’s privatization failures, how to ensure fiscal revenue and social stability in the context of Russia’s low economic efficiency, and the impact of Chinese President Xi Jinping’s recent visit to Moscow and signing of cooperation agreements on the future of the Russian economy.

Xu Poling is working as Director of the Office of Russian Economic Studies of the Institute of Russian, Eastern European & Central Asian Studies at the Chinese Academy of Social Sciences, Director of the Internal Affairs Office of the Institute of Eurasian Social Development under the Development Research Center of the State Council, and Deputy Director and Research Fellow of the CASS Belt and Road Research Center. With a doctorate degree in economics, he is dedicated to research on the theory of world economy and country-specific economic research, and his research interests mainly include open economy macroeconomics and Russian economy. He has published over 100 papers in a range of academic journals, such as World Economics and Politics, International Economic Review, Russian, East European & Central Asian Studies, World Economy Studies, Journal of Social Sciences, and Northeast Asia Forum. He has also authored a number of books, including Introduction to the Political Economy of Transition, Property Rights and Corporate Governance in Transition Economies, and Interaction Between Economic Globalization and Economic Transition.

Text editor: Wang Qin

Proofreader: Eurasian Studies research group

Typography editor: Cheng Yao