Announced theme of the Forum – Financial system of the 21st century competitive economy: challenges and solutions was developed in 2 plenary sessions and 14 theme discussions, that covered a number of key questions: from structural changes of global financial system and global risks to the reform of the OSAGO system and the creation of a labeling system for goods.

RESULTS OF THE MOSCOW FINANCIAL FORUM 2017

Chairman of the Government of the Russian Federation Medvedev D. A. attended the main plenary session. Opening the session, he welcomed the participants and emphasized top tasks. "First of all it’s the maintenance of favorable macroeconomic conditions. Today it is primarily a record low inflation for our country, also a moderate and gradually declining state budget deficit. The basic principles of the budgetary policy are improvement of the cost structure and implementation of priorities that we have identified," he said.  

Minister of Finance Anton Siluanov stressed that Russia has improved numbers of economy growth over the last year, "Now we can say that Russian economy is recovering." Sustainability and development of the economy primarily depend on how effectively finances are being used. Anton Siluanov compared the process of budgeting with art, "As a sculptor creates magnificent pieces of art, Minfin cuts off all unnecessary proposals and applications, leaving only vital ones." Head of Finance Ministry noted that the main task now is stimulation of inner economic reforms. At the same time, macroeconomic problems should be left to the second place, this can be achieved through structural changes.

Mayor of Moscow Sergey Sobyanin noted that development of agglomerations plays the main role for growth, which means effective use of territories and integrated development of social and transport infrastructure. This can be proved by the example of the capital, "Moscow competes not with regions of Russia, but with leading cities of the world."

At the plenary session participants discussed what configuration of economic and finance systems is capable of using new possibilities of modern world and mitigating risks. In the course of the discussion, issues of modern world trends in the field of international trade, demography, labor productivity, welfare distribution between different social groups and other topical issues were raised.

At the second plenary session "Digitalization of economy and the impact of this process on public finance: international experience and national features", participants discussed how digitalization reveals resources and energy.

According to Head of Federal Tax Service Mikhail Mishustin, new technology might open wide opportunities for raising the effectiveness of tax system and system of state management. All the participants agreed. However, Sberbank CEO and Chairman of the Board German Gref stressed that digitalization is quite a long and expensive procedure, and private sector needs to be involved, which can provide 60-70% of government services, which would increase their effectiveness.

IMF's Fiscal Affairs Department Director Vitor Gaspar talked about foreign experience of application of new technologies in economy and state services. According to him, there is no threat in the fact that technological changes increase the overall level of changes in society. 

Thematic part of the business program was dedicated to improving the effectiveness of tax policy and to intergovernmental fiscal relations optimization; new system of government procurement; development of human capital; involvement of nongovernmental organizations to providing state and municipal services; ensuring transparency of jewelry turnover; prospects for the development of the national debt market; definition of social policy of the future.

Participants and guests of the Forum were very interested in discussions, devoted to issues of minimization of the oil price volatility impact on domestic macroeconomic conditions, modern state management structure, and creation of a labeling system for goods. Experts and business representatives debated about problems of openness of the budget, the use of treasury support, the reform of the OSAGO system.

During the Forum, best professionals and practices in the field of finance were awarded. Representatives of the Finance Ministry recognized achievements of their colleagues in 11 nominations, including "The use of public financial data" in the Budget apps contest, "Young professionals", "High quality of regional finance management", "Best practice of financial management" and others.

Vibrant discussions at the business program of the Forum demonstrated the demand of such format. Forum has become a unique platform for discussion of topical themes of Russia’s finance and economy system development, and for exchange of views between participants of professional and expert community, state authorities and representatives of business.

Second Forum is timed to the day of establishment of Russian Ministry of Finance. On September 8, 2017 Finance Ministry of Russia celebrates its 215th anniversary. Electronic exposition was devoted to the history of the department. Datatron robot was demonstrated at the Forum, he answered visitor’s questions about Russian finance system, and the game "Balanced budget".

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