FOREIGN EXPERIENCE OF IMPORT SUBSTITUTION POLICY

Abstract

Import substitution policy unites all countries of the world though it is carried out according to different strategies, but the final result is one for all countries. It is a positive result of provision of industrial potential development, and formation of steady base to maintain self-sufficiency of the economy in the world market. Foreign experience suggests three models of import substitution: domestic-oriented, foreign-oriented and mixed. Considering all features and practical application it is possible to make a conclusion, that mixed model is the most effective one for Russia as it mobilizes resources, creates key industry branches and improves economic infrastructure. It also protects national economy from foreign competition in the field of industry and trade. In the article the best practices of import substitution in foreign countries are analyzed. Characteristic of strategies and models of import substitution policy is considered. The reasons and consequences of import substitution in foreign countries are revealed. Experience and legal regulation of import in China are considered.