| The revenue of the Russian Federation is typically based on resource.More than half of the fiscal revenue is coming from resource-related taxes and charges.Resources have brought rich income to Russia Federal revenue,but at the same time it has also caused great instability.In the past decade,the fiscal revenue of the Russian Federation has undergone two major fluctuations.In 2008,the international oil prices have sharply dropped.The fisical revenue has dropped 27%,from 7.3 trillion rubles in 2008 to 7.3 trillion rubles in 2009.In 2015,international oil prices plunged again from 110 dollor per barrel to 50 dollor per barrel.The reason is that EU-U.S.sanctions on Russia and the decreasing supply of the global oil and gas.In March 2016,the oil price as low as 30 dollor per barrel.The fiscal revenue of the Russian Federation suffered another heavy loss from 1.45 billion rubles in 2014 to 1.35 billion rubles in 2016.Faced with a sharp decline in fiscal revenue,the Russian Federation government had to make adjustments to the federal budget according to the oil prices.In 2016,the large budget adjustment in the Russian Federation approved by the State Duma took as many as 5 times or more.The government budget revenue has been compressed repeatedly,and the budget deficit has been continuously expanded from 0.5% of GDP to more than 4% of GDP.The Russian medium-term budget has halted by the extreme volatility of international oil prices.Before,the medium-term budget has been successfully implemented in Russia for more than ten years,and playing an important role in strengthening the correlation between the allocation of budgetary resources and the national strategy.The budgetary resources also optimizing the structure of budget expenditures,and improving the efficiency of public expenditue decision.In addition,the Russian Federation has to face the serious challenge due to the reliance on resources.The abundant reserve of resources is an important precondition for guaranteeing the stable and sustainable fiscal revenue of the Russian Federation,but the limited of resource reserves will obviously impact on the long-term stability and sustainability of resource-based finance.This urges the Russian government to consider how to solve the resource-based fiscal predicament and ensure the sustainable and steady development of resource-based finance before resources are exhausted.At the same time,the exploitation of resources involves inter-generational equity and this also poses a threat to the long-term sustainable development of finance.Therefore,the Russian government must face the dilemma of resource-based finance and try to solve the hidden problems caused by resource-based finance.Rich resource income also tends to make the national economy have obvious resource-based structural characteristics,which leads to single national industrial structure,unbalanced economic development,and lack of motivation for the development of other economic sectors and the reform and optimization of industrial structure,which is also a major dilemma and problem of economic development faced by Russian Federation.In view of this,the government of the Russian Federation and all sectors of society have paid great attention to the steady development and long-term sustainability of resource-based finance and have conducted numerous targeted explorations and reforms,for example,establishing a stable fund based on oil and gas revenues,reforming taxation methods of Resource Tax,adjusting the resource-based financial revenue structure.The establishment of a stable fund is a successful case of resource-based fiscal reform in Russia.In order to ensure the sustainable development of resource-based finance and countercyclical fiscal operations,Russia established a stable fund in 2004 to store excess oil and gas revenues according to a certain percentage so as to ease the impact on fiscal revenue caused by the drop in oil prices in the future.With the steady expansion of the scale of the stabilization fund,in 2008 the stabilization fund was split into a reserve fund and a national welfare fund,one for balancing oil and gas revenues and the other for replenishing the pension funds.This kind of stabilization fund,which has the function of fiscal "counter-cyclicality," plays an extremely important stabilizing role in the two fiscal revenue drops in Russia and guarantees the financial stability of the Russian state.However,the relevant reforms in Russia are full of twists and turns in optimizing the structure of fiscal revenue and getting rid of resource dependence.As early as 2009,the Russian government has tried to optimize the fiscal revenue structure and get out of resource dependence.Medvedev,Russia's then president,once said that oil and gas revenues should not exceed one-quarter of the whole budget revenue.However,as the international oil price picks up,abundant lucrative incomes have once again induce Russia to drop the impetus of reform.The share of oil and gas revenues in Russia's fiscal revenue kept shifting up.In 2010-2014,the share of oil and gas revenues in the Russian Federation's fiscal revenue continued to rise from 46.1% to 51.3%,of which the proportion remained above 50% for three consecutive years in 2012-2014,causing Russia to plunge into again relying on the resources,and make Russia once again lost the opportunity window of reform.Since 2015,in the face of the low international oil prices,the shortcoming of resource-based finance in Russia became prominent once again.Russian government take great pains to determine to reform and hoped to optimize its fiscal revenue structure through a series of fiscal and tax reforms so as to reduce its dependence on resources.By cutting export tariffs on resources-based products and raising the share of non-oil and gas revenues,Russia's share of oil and gas in federal revenue declined to 43% and 36% from 2015 to 2016,bringing down Russian government's dependence on oil and gas revenues to the lowest point in history.Overall,the implementation of the resource-based fiscal reform in Russia has achieved some results.However,it should be noted that there is still considerable uncertainty about Russia's current reform of getting rid of resources.In 2017,international oil prices continued to rise,resulting in a surge of fiscal revenue in the Russian Federation.The share of oil and gas revenues in the federal budget revenue rose from the expected 33.5% to 39.7%.Therefore,under the background of the international oil price rising again,whether the sustainable fiscal revenue reform in Russia can be implemented as scheduled and whether Russia can truly reduce its dependence on resources are yet to be observed and should be kept under long-term tracking.Ensuring the sustainable development and long-term stability of resource-based finance is a problem that many resource-based countries are facing and need to solve.As for China,although China is not technically a country that relies on a single type of resource at the national level,there are obvious differences with resource-based country such as Russia.However,for some specific regions in China,such as northeast,Shanxi and Xinjiang,which are very much dependent on resources and face very similar situations as the resource-based finances in Russia,and also confront the plight of the protection of fiscal sustainability,reducing dependence on resources and other issues that urgently needed to be resolved.Therefore,studying the resource-based financial problems in Russia can provide useful thinking for the future development of resource-based regions in China.In addition to these specific resource-based regions,if from a broad perspective,there is a widespread dependence on land resources in our country.Although "land finance" has played an important role in promoting local economic development and expanding revenue of local governments,yet with the reduction of available land resources,the fiscal revenue in many places will be unsustainable and the sustainable development of local public finance will also face challenges.At the same time,over-reliance on land resources also inhibits the willingness of local governments to develop local economy and optimize industrial structure,leaving great uncertainty about the stability and long-term sustainability of local public finance.At the same time,the accumulation of large-scale revenue in land finance in a short period of time has further boosted the pro-cyclical behavior of local governments and has caused significant unsteady and unsustainable risks in local public finance.Therefore,the study of resource-based fiscal reform in Russia,especially Russia's reform measures in the protection of the federal fiscal revenue stability,to achieve "counter-cyclical" adjustment,and enhance fiscal sustainability,will provide a good reference for China to solve unsustainable problems brought about by "land Finance" in some certain regions,optimizing the fiscal revenue and expenditure structure,and improving the efficiency of financial expenditure.Focusing on the above aspects,this paper provides the following chapters:Chapter One is an introduction.This chapter summarizes the research background,research significance,research content,research methods,research framework,key research points and main innovations and shortcomings.Chapter Two analyzes the theoretical basis of resource-based public finance from the perspective of counter-cyclical fiscal theory,resource curse and medium-term budget framework.This chapter analyzes the function of "automatic stabilization" and " discretionary fiscal policy" in the "countercyclical" fiscal theory,summarizes the main transmission mechanism of resource curse,discusses the background of "medium-term budget framework" and the relative key points and difficult points.Chapter Three analyzes the main resources in Russia and the resource-based fiscal status in Russia,and provides detailed description about the Russian mining and mineral resources tax.On the basis of this,starting from the instability and unsustainable predicament faced by Russian resource based public finance,this chapter discusses the influence of Russian resource dependent economic structure on resource based public finance.Chapter Four elaborates Russia's tax reform in the process of optimizing resource-based financial structure,focusing on the analysis of the tax system of Russian mineral resources tax and the reform of export tariff tax system.In the analysis of mineral resources tax reform,this chapter discusses Russia's motion of reforming mineral resources tax,as well as the reform measures and the game between government and oil companies in the process of reform.In combination with Russia's reform of resource based public finance,the impact of the reform of the resource based tax system is also analyzed in this chapter.Chapter Five analyzes the counter-cyclical reform of resource-based public finance in Russia.Comparing the different types of international sovereign wealth funds,this chapter elaborates the background of the establishment of the stable fund in Russia,and makes a comprehensive and detailed analysis of the operation of Russia's "stable fund",and compares the different focuses of the "stable fund" in implementing the countercyclical adjustment in the two economic crises in 2009 and 2014,and empirically tests the "counter-cyclical" effect of the stabilization fund mechanism by VAR model.Chapter Six analyzes the background of Russia's implementation of the mid-term budget reform and the construction of Russian mid-term budget.The preparation method and development process of the mid-term budget in Russia are elaborated in detail,and the implementation benefit of Russia's "result-oriented" mid-term budget is analyzed.Chapter Seven forecasts the future direction of Russian resource-based public finance,focusing on the "excess income tax",a new Russian tax now under way.Besides,Russia's adjustment of macroeconomic structure,its import replaces strategy which focuses on reducing dependence on oil and gas dependence and its "Reindustrialization" strategy are analyzed.The latest changes in the stable fund mechanism and the future budget of Russia are also concerned.Chapter Eight focuses on the plight of fiscal unsustainablility some regions in China confront which rely their local economy very much on "land finance" and natural resources,by comparing the similarities and differences between China and Russia,takes the "counter cyclical" adjustment mechanism Russia uses to improve the stability and sustainablility of resource based public finance,and the experience of resource tax reform and construction of mid-term budget framework as reference,provide some policy suggestions,include:(1)Bulid up the connection between land grant revenue and budget stability regulation fund,pour the land grant revenue into the budget stability regulation fund according to a certain proportion,in order to let the budget stability regulation fund play a better role of "counter-cycling" adjustment.(2)Continue to deepen the reform of ad valorem resource.(3)Set up the mid-term budget framework in our country as soon as possible.Through the above research,this paper draws the following conclusions:(1)Through adjusting the resource tax system,Russia successfully reduces the federal revenue's over-dependence on oil and gas export revenue,optimizes the internal structure of fiscal revenue,ease the fiscal instability caused by oil price fluctuation.(2)Through the establishment of the "stability fund",Russia has realized the "counter-cycle" fiscal regulation and enhanced the sustainability of the resource based public finance.(3)The mid-term budget constructed based on the "Ural" oil price is helpful for the Russian government to manage longer term macroeconomic situation.The "result-oriented" mid-term budget enhances Russian's budget expenditure performance,which is conducive to much more reasonable planning about resource based public finance.The innovations of this article mainly lie in:(1)Research perspective innovation: This article chooses the perspective of fiscal sustainability to explore the reform and development path of resource based public finance in Russia and China.Based on the theory of "reverse cycle" function of public finance,this article discusses the measures taken by Russia to ensure fiscal stability and sustainability.Meanwhile,by analyzing the realities of “land finance” in China and its unsustainability,this article tries to take Russian's experience and lessons as reference in order to explore the effective policy path when facing the predicament of sustainable development of resource based public finance.(2)Research content innovation: Focusing on Russia's fiscal sustainable development,this article explores the "excess income tax" in the reform of resource based public finance in Russia,identify the different attitudes towards the "excess income tax" of the Russian governments and the oil and gas enterprises,and analyze its influence of these different attitudes on Russian society and economy,which is a kind of innovation on the research contents. |
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