Small and medium-sized enterprises (SMEs) are vital drivers of China’s economy. As in any other country, SMEs in Chinaare exceptionally exposed to the devastating effects of the COVID-19 outbreak. The aim of the paper is to assess the impact of the pandemic on SMEs in China and study the effectiveness of the government’s support for SMEs through the crisis. The methodologies applied by the authors included the historical and logical method, the method of the rising from the abstract to the concrete, synthesis, comparative factor analysis, grouping and graphical methods, as well as a systematic and statistical approach. The authors investigate the main policies and initiatives launched in support of smaller businesses and implemented by the People’s Bank of China, the Ministry of Finance, the National Development and Reform Commission, the Ministry of Industry and Information Technology, as well as by the two national regulatory authorities –– China Banking and Insurance Regulatory Commission and China Securities Regulatory Commission. In this paper the authors analyze the direct and indirect support available to SMEs through financial institutions. The study leads to the conclusions that the state support for SMEs has been effective and helped to avoid a sharp decline in production. However, the spread of the disease in other countries may threaten the recovery of the Chinese economy. 

The author investigates the impact of COVID‑19 and macro-policy adjustment on China’s economic development. The aim is to describe the situation and trend of China’s economic development before and after COVID‑19. The research method is the comparative data analysis. The study shows that in response to COVID‑19, the Chinese government, on the one hand, has accelerated its opening-up, taken the opportunity of fighting against the pandemic to provide medical assistance to and cooperate with other countries, and actively promoted the building of a community with a shared future for mankind and the process of globalization. On the basis of the Belt and Road Initiative and multilateral, regional, and subregional cooperation mechanisms such as the United Nations, Shanghai Cooperation Organization, BRICS (Brazil, Russia, India, China, South Africa), G20 (Group of 20), and APEC (Asia-Pacific Economic Cooperation), China and the Eurasian Economic Union began to cooperate more frequently and the trade relations between Japan, South Korea, and European developed countries became closer. Meanwhile, committed to building a global interconnection partnership, China actively participates in global economic governance and provides various public products. The Chinese government has proposed “Six Guarantees” on the basis of “Six Stability”. In order to achieve the purpose of stabilizing foreign trade and expanding imports, China has imposed various measures to accelerate the liberalization and facilitation of international trade and investment, such as implementing the new version of the “Foreign Investment Law”, establishing free trade zones, and promoting its experience and organizing international import expositions. Additionally, the Chinese government also implemented targeted fiscal and monetary policies, increased support for enterprises, especially small and medium-sized enterprises, and promoted the construction of “new infrastructure” and innovation of business model, which have formed the driving forces for the transformation of the economic development model in China from traditional business to cloud business, from traditional marketing to live streaming marketing, from traditional sales to online sales. The author concluded thatChina’s adjustment of macro policies in response to COVID‑19 was effective and played an important role in the resumption of production and life, stabilizing foreign trade activities, releasing domestic demand and promoting stable and sustained growth of the economy

The author summarizes key science theories of the funded pension system and its development. The aim of the article is to review and discuss the studies on the efficiency of the funded elements of the pension system from the perspective of international practices. The research methods included generalization; classification and comparative analysis of theoretical and methodological approaches to evaluating the efficiency of a pension system and its elements; abstraction, which allowed us to classify existing pension plans on the basis of the materials presented in the paper; as well as scientific and grouping methods. The theoretical background of the research is based on the scientific studies indexed in Scopus, Web of Science and RSCI (Russian science citation index) for the period 1981–2019. To organize the presented data this period was divided into four stages depending on the role of the funded elements in the public pension system of the reviewed countries. The results of the research are the systematization and classification of the studies under consideration. Cross-country analysis according to the selected criteria showed that distributive pension systems generally demonstrate a higher level of sustainability and efficiency, as well as are better at ensuring a decent standard of living for the population. The author concludes that in order to increase the efficiency of funded elements it is necessary to reduce their influence on the national economic stability; develop additional regulations for pension investment schemes; implement macroeconomic reforms aimed at the development of funded elements, which require a sustainable national capital market. The conclusions and results of the paper can be useful for further development of the Russian funded pension system and analytical work of the public and research organizations.

The subject of the study is the expansion multiplier as a quantitative characteristic of the depreciation expansive effect in models of the extended reproduction of fixed assets. The aim of the study is to identify the impact of the age structure of fixed assets on the expansion multiplier value factoring in various methods of calculating depreciation. The research methods include mathematical and computer modelling, as well as deductive logic as a process of reasoning from more general to more specific. The high depreciation of fixed assets of Russian enterprises and the high demand for  depreciation as a source of funds for their renewal and extended reproduction ensure the relevance of the study. The results of the study include the models of extended reproduction of fixed assets due to the expansive depreciation effect using  various  methods  of  accruing  depreciation;  demonstrate  the  relationship  between  the  age  structure of fixed assets and the expansion multiplier. Generalizing the methods of depreciation in terms of their impact on the expansion multiplier values provides the scientific novelty of the research. This paper introduces the expansion multiplier calculation formulas for general and special accelerated depreciation and limits of multiplicative potential of accelerated depreciation. The conclusions of the research work illustrate the possibility of using the expansion multiplier to plan and optimize the depreciation policies of organizations, as well as to evaluate the multiplier of fixed assets in various economies. The authors identified the problems of applying the expansive depreciation effect as a means of extended reproduction of fixed assets in practice, as a result of the limitations of its theoretical models. In overcoming the identified limitations, areas of technical theoretical research are proposed.

The subject of the research is the customer motivation towards certain banks regardless of the pricing policy. The aim of this study is to determine the significance of non-price factors for attracting customers by banks and its influence on banks’ revenues and profit. The theoretical and methodological basis of the study included the scientific works of foreign scientists on the influence of non-price factors on customer loyalty in banking.The author used methods of qualitative and quantitative analysis of scientific publications, regulatory and legal sources, retrospective statistical data, and analytics of well-known consulting firms. The results of the study suggest areas for improvement for commercial banks in terms of the quality of values (non-price) offered to customers and approaches to understanding customer loyalty. The author concludes that despite the importance of banking services cost reduction and thus intensifying competition, a constant focus on cutting prices, which are relatively the same for all banks in terms of product range and basic conditions, does not necessarily contribute to expanded market share and profitability of financial institutions, while a comprehensive understanding of customer needs, timely and relevant offers, a personalized customer service, as well as a bank’s shifting focus from a product to a customer problem-solving approach will help banks to attract customers, improve their loyalty, increase service sales and expand the product range, ultimately, spurring growth and better economics for banks.

The digital transformation of all socio-economic spheres of the country determines the inclusion of digital factors in the assessment of investment potential. The aim of this paper is to justify the need to include digital factors in assessing the investment potential and the assessment of the digital potential of St. Petersburg. The study includes statistical methods of correlation analysis, average values, comparison, and grouping. This paper defines the concept of digital potential; highlights indicators of digital technology development; presents a methodology and assessment of the digital capacity of St. Petersburg compared with other cities of federal status through 2016–2018. The author features three key components of digital potential: information and communication technology (ICT) infrastructure, digital government, and e-business. The study shows that St. Petersburg’s digital potential is sustainably growing. The research reveals that the digital capacity of St. Petersburg is improving by boosting the “e-business” component which reflects the use of ERP and CRM systems by organizations, as well as by the e-commerce. The low level of the “digital government” component has a negative effect on the integral level of digital potential despite the ongoing digitization process in the public sector services. The conclusions of the study suggest that the use of digital channels to interact with public authorities, the digitization of businesses, as well as the implementation of electronic workflow processes will improve the digital potential of St. Petersburg. Taking digital factors into account as a part of the investment potential of a city will make it possible to accurately assess its investment attractiveness. The findings of the study may be useful to scientists, rating agencies, and government officials when making investment decisions. The prospects for future research on this topic consist of expanding its base, clarifying the components of the digital potential factors, and methods for assessing the investment attractiveness of a territorial entity.

The aim of the article is to clarify the basics of the digitalization strategy of the competitive businesses and identify features of the institutional environment that ensure the development of cryptocurrency as a new asset (IT product) of the modern economy, analyze the methods of implementing the cryptocurrency business models. The relevance of the research paper is determined by the need to develop a competitive Russian cryptocurrency (including the cryptoruble) with the growing private, state and cross-national cryptocurrencies. The scientific novelty of the study implies clarifying the informal and formal rules of the institutional environment and related methods ensuring the development of a competitive cryptocurrency. The authors consider the following methods to implement the institutional features of  the  cryptocurrencies  business  model  development:  logic  and  blockchain  algorithm  that  establish  trust  and  collaboration between cryptocurrency developers; logic and blockchain consensus algorithm ensuring  that  all  the parties of the blockchain network come to a common agreement (consensus); logic and blockchain algorithms that form cryptocurrency transactions and control its turnover by generating blocks of cryptocurrencies, by forming the structure of blocks and transactions of cryptocurrencies, by storing cryptocurrencies’ keys and providing security, by mining (forging) cryptocurrency, etс.The results of the study provide a basis for identifying the institutional features and the corresponding methods providing a competitive cryptocurrency development with a detailed analysis of the blockchain consensus algorithms that ensure the competitiveness of the cryptocurrency. The conclusions show that the most promising are the hybrid consensus algorithms which may include both the logic of two or more known algorithms and the original logic of a new algorithm. The authors recommend defining the logic of the blockchain consensus algorithm as a priority when developing a cryptocurrency to ensure reliability of the transactions in the blockchain network, thus increasing the competitiveness of the cryptocurrency.

This study highlights the mechanisms of the behavioral cycle impact on the cash flows generation. The need to develop original approaches to the analysis of the behavioral cycle associated with the dominant behaviors change demonstrates the relevance of the research. The aim of the study is to determine the mechanism of the behavioral cycle impact on the actions of economic entities. The authors use the method of statistical analysis of the Rosstat data from 1998 to 2018 to test two hypotheses: 1. The behavioral cycle impacts the distribution of household income between consumption, savings, and investment; 2. The actions of economic entities with active behaviors do not always lead to further actions of economic entities with an adaptive and reactive type of behavior. The study examines the structure of the household income use and the dynamics of the index of expected changes in the economic situation in Russia in a year. The behavioral cycle has been shown to have a direct impact on consumption and investments. The economic actions of the entities are influenced by the formed dominant behaviors, as well as the macroeconomic conditions. The authors concluded that the behavioral cycle is not able to change the structural imbalances in the economy, however, it can increase their potential impact, since it facilitates the adoption of certain economic decisions by economic entities and largely determines the dynamics and direction of cash flows in financial markets. The behavioral cycle reflects the moods and expectations of economic entities. The behavioral cycle change occurs due to the significant actions performed by economic entities with active behaviors aimed at changing the external environment. The results of the study demonstrate the feasibility of developing countercyclical mechanisms for smoothing out socially unfavorable outcomes of the activities of economic entities at various phases of the behavioral cycle. The authors propose to monitor the phases of the behavioral cycle based on the analysis of the cash flow generation.

The significant role of the program-based and target-oriented management approach (PTM) in solving the priority tasks of the state by setting strategic goals, accumulating financial resources, and operational coordination of the activities of executives at the federal, regional, and municipal levels of government ensures the relevance of this research. The study aims to identify the key problems and areas for the financial monitoring improvement of the state programs of socio-economic development of Russia. The methodological basis of the paper is a systematic comprehensive approach to the study of social, financial, and economic problems, as well as general methods of scientific knowledge: sampling, grouping, comparison, generalization. The study shows that PTM practices for overcoming challenges of the Russian economy are characterized by inconsistencies that require a comprehensive approach to program-based and targeted planning, control, and monitoring system development. The research allowed us to update the special partnership model of control and accounting institutions of the modern state, its role in the development of the process of financial monitoring of state programs, and PTM tools. Based on the experience of certain regions the authors conclude the necessity to introduce project management, key performance indicators, digitization strategies, and remote financial monitoring practices for the activities of the control and accounting bodies. Additionally, control and accounting bodies should develop a proactive partnership model of monitoring rather than a competitive one. The authors see the prospect for future research in the introduction of new technologies for embedding monitoring tools into the objects control procedures implemented into business systems; preventing violations in a controlled environment; prompt response to current challenges and risks of the financial and budgetary sphere. 

The article examines topical issues related to structural changes in employment in the Russian economy, due to the intensive development of the sharing economy. The aim of the study is to systematize disparate knowledge in assessing the impact of investments in the sharing economy on the employment structure, providing an understanding of the labor market, which is influenced by transformation processes in consumption patterns and factors of digitalization of the economy, as well as to develop recommendations for improving state policy in the field of employment. Based on the methods of theoretical research (analysis and synthesis, generalization), the authors reviewed scientific literature and information from various sources, identified the main elements characterizing the model of collaborative consumption, considered by various researchers and online platforms. The study highlights the scientific concepts and approaches to the definition of the sharing economy, including the concept of a shared economy; collaborative economy as well as access-based consumption (to resources); network interaction; commercial exchange systems. The novelty of the study lies in the fact that the authors show how investments in the further development of the infrastructure of the sharing economy, including the development of digital online platforms, lead to an increase in the number of employers and workers by removing barriers and reducing transaction costs. The authors propose recommendations for solving employment issues: to form a system for measuring the sharing economy and accounting for it in official statistics; provide a regulatory framework for the functioning of digital platforms; ensure the privacy of personal data and the safety of citizens participating in the sharing economy. It was concluded that the implementation of the proposed measures will have a positive impact on the Russian labor market and increase the investment attractiveness of the most important sectors of the sharing economy