INSTITUTIONAL ASPECTS OF GREEN DEVELOPMENT FORMATION: EXPERIENCE OF CHINA

Formation of a green economy is considered as one of the factors of economic transition to sustainable development. This process is constrained by a number of problems, most of which are of an institutional nature. The article examines the main institutional aspects that determine the lack of competitiveness of the green sector in the modern economy. This mainly concerns the inability of market regulation to fully take into account long-term development goals. China's experience shows that the creation of an institutional environment taking into account the long-term interests of society based on the strong presence of the state is a prerequisite for the successful development of a green economy.