EACS-2016. Book of Abstracts

Section 17 21st Biennial Conference of the European Association for Chinese Studies 201 paid increasingly more attention to various aspects of the statistical system of China (methodology, data collec- tion, compatibility with international standards, etc.). Secondly, survey of papers on China’s official statistics reveals that researchers tend to concentrate their attention on a very limited set of economic indicators. About 70%of papers are dedicated to analysis of three main economic indicators (GDP, unemployment and industrial production). Thirdly, the majority of papers reviewed represent rather critical view of the Chinese statistical system. About 70 percent of papers have critical remarks on various aspects of the official statistics system in conclusions section. Fourthly, although a lot of researchers cast doubt on the Chinese official statistics and academic research can reveal examples of data unreliability, from academic point of view it is almost impos- sible to prove that official data is deliberately manipulated and falsified. The limitations of publicly available data do not allow to double-check the accuracy of the official statistics. However academic research on the topic is extremely valuable as it contributes to better understanding of the statistical system of China. Popova Liudmila (Saint Petersburg State University) Prospects for Debt Financing and Bank Lending to Russian Business in the Chinese Market Key words: debt financing; business finance; Russia; China; stock markets; anti-Russian financial sanctions China has become the largest trading partner of Russia and a promising source of investment and financial resources. Until recently, neither Russian companies nor the Russian political elite regarded China as a source for business financing. Since the global financial crisis of 2008–2009, which limited the possibility of debt financing on theWest, Russian companies started to testAsian financial markets. After the recovery of global economy, Russian companies switched back to the traditional sources of financing on the Western markets. The introduction of anti-Russian sanctions in 2014 led to a further strengthening of economic ties between the two countries. Sanctions have seriously complicated an access for Russian companies to global financial markets. China is viewed as an alternative to the Western countries in terms of attracting direct investment, technology, debt and bank financing. Meanwhile, expectations by the Russian borrowers regarding the financial prospects of the Chinese market were somehow overstated. First, the lack of expertise and knowledge of the functioning of the financial markets in China and other Asian countries among Russian business. Secondly, the cost of borrowing in the Chinese market was much higher than in theWest even before the sanctions, and since then, it has only increased. Thirdly, China, although formally did not support financial sanctions against Russia, actually has to comply with them. Expectations of the Russian business about possibilities of debt financing on the Chinese stock exchanges were also overstated. In Shanghai and Shenzhen main barrier are legislative restrictions that still prohibit the listing of foreign issuers. Listing rules on the Hong Kong stock exchange is much stricter than in European countries. For Russia, entry into the debt market of China remains a strategic project for the diversification of the investor base and sources of funding. Saje Mitja (University of Ljubljana) Chinese Economic Cycles: Reflection of Politics, Globalisation, and Current Structural Discrepancies Key words: Chinese Economic Cycles, Financial Crisis, Globalization Under the pressure of ideology the dynamics of Chinese economic development during the time span of almost half a century after the victory of communist revolution was crucially linked to its link with poli- tics. The predominant influence of politics on the course of economic cycles was very obvious during the Mao’s era. The interrelation of politics and economics influencing the pace of Chinese economic growth was somewhat changed during the period of economic reforms after 1979 when economic considerations became predominant factor causing the shifts of power in the political sphere, which consequently influenced the accelerations and slowdowns of economic growth.