Legal Forms of Bank Participation in the Implementation of State Financial Policy: The Experience of China and Russia

The paper investigates the legal mechanisms for engaging the banking sector in the implementation of state financial policy, using the examples of the People’s Republic of China and the Russian Federation. It analyzes the directive model established in China, characterized by the dominance of state-owned banks and a banking sector serving as a powerful tool for achieving strategic development goals, and the legal model of the Russian banking system, where banks actively use public legal powers to achieve commercial objectives. Special attention is given to the study of the administrative reform of financial supervision carried out in China in 2023, which led to the creation of a new regulator and a transition to a «dual-peak» system. Furthermore, the author focuses on analyzing the initiative of the Association of Banks of Russia to introduce a three-tier banking structure. It is demonstrated that Chinese experience allows for more effective mobilization of resources towards priority development areas. Conclusions are drawn regarding the possibility of using certain elements of the Chinese model to strengthen the state’s financial sovereignty and de-dollarization of settlements.

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