📝 After 140 years have passed since the writing of the economic article by Fyodor Mikhailovich Dostoevsky in “A Writer’s Diary” on the ways Russia was developing. Many of the observations of our great writer remain extremely relevant.
In this article, Dostoevsky largely anticipates such key topics for the Russian economy as the “turn to the East”, the prioritisation of long-term development guidelines (as an argument in favour of the creation of the Stabilisation Fund in our time), the fight against bureaucracy, the importance of public confidence in the economic policy of the authorities, and much more. Dostoevsky’s economic legacy can serve in our time as a kind of a moral compass for Russian economic policy.
Dostoevsky’s economic legacy can serve in our time as a kind of a moral compass for Russian economic policy, writes Valdai Club Programme Director Yaroslav Lissovolik.
🔗 Dostoevsky’s Economic Cycles
#Corporations_and_Economy #economy #Russia #Dostoevsky200
📷 © Sputnik
@valdai_club
In this article, Dostoevsky largely anticipates such key topics for the Russian economy as the “turn to the East”, the prioritisation of long-term development guidelines (as an argument in favour of the creation of the Stabilisation Fund in our time), the fight against bureaucracy, the importance of public confidence in the economic policy of the authorities, and much more. Dostoevsky’s economic legacy can serve in our time as a kind of a moral compass for Russian economic policy.
Dostoevsky’s economic legacy can serve in our time as a kind of a moral compass for Russian economic policy, writes Valdai Club Programme Director Yaroslav Lissovolik.
🔗 Dostoevsky’s Economic Cycles
#Corporations_and_Economy #economy #Russia #Dostoevsky200
📷 © Sputnik
@valdai_club
🇧🇾🇪🇺🇷🇺 The migration crisis on the Polish-Belarusian border is only the latest episode in the political conflict between Belarus and the European Union.
Earlier, Brussels approved the toughest sanctions against the republic’s economy in the history of their diplomatic relations:
❌ a ban on European business cooperating with Belarusian exporters of potash fertilizers (in terms of nomenclature items), oil products and tobacco, as well as banking sector companies
❌ restricted access to the European capital market, including a ban on the purchase of Belarusian securities with a maturity of more than 90 days
❌ a ban on European banks providing insurance services and loans to the Belarusian government and state bodies, including the suspension of lending through the European Investment Bank
❌ a ban on European air carriers flying through Belarus, and Belavia flights over the EU
❌ individual sanctions (more than 160 citizens of Belarus are included in the so-called “black lists”), mean a ban on visits to the EU, business interaction and the “freezing” of accounts in EU banks
The stability of the Belarusian economy is one of the key factors that will influence the dynamics of the crisis, which creates risks for Russian interests.
Real economic integration with Russia is necessary to maintain social and economic stability in Belarus, writes Valdai Club expert Vyacheslav Sutyrin.
🔗 Economy of Belarus: Between Western Sanctions and Union with Russia
#Belarus #economy #sanctions #EU #Europe
@valdai_club — The Valdai Discussion Club
Earlier, Brussels approved the toughest sanctions against the republic’s economy in the history of their diplomatic relations:
❌ a ban on European business cooperating with Belarusian exporters of potash fertilizers (in terms of nomenclature items), oil products and tobacco, as well as banking sector companies
❌ restricted access to the European capital market, including a ban on the purchase of Belarusian securities with a maturity of more than 90 days
❌ a ban on European banks providing insurance services and loans to the Belarusian government and state bodies, including the suspension of lending through the European Investment Bank
❌ a ban on European air carriers flying through Belarus, and Belavia flights over the EU
❌ individual sanctions (more than 160 citizens of Belarus are included in the so-called “black lists”), mean a ban on visits to the EU, business interaction and the “freezing” of accounts in EU banks
The stability of the Belarusian economy is one of the key factors that will influence the dynamics of the crisis, which creates risks for Russian interests.
Real economic integration with Russia is necessary to maintain social and economic stability in Belarus, writes Valdai Club expert Vyacheslav Sutyrin.
🔗 Economy of Belarus: Between Western Sanctions and Union with Russia
#Belarus #economy #sanctions #EU #Europe
@valdai_club — The Valdai Discussion Club
Valdai Club
Economy of Belarus: Between Western Sanctions and Union With Russia
The key task for the Belarusian economy in the medium term is reforms aimed at preserving and modernising the industrial potential of Belarus. We are not talking about a radical breakdown of the economic system — it is necessary to progressively modernise…
🌍 Africa remains practically the only hotbed of positive demographic dynamics in the world.
With such demographic prospects, the continent's population will practically double over the next three decades - from 1.3 billion now to almost 2.5 billion by 2050 (meanwhile, the population of developed countries will remain virtually the same).
What does it mean for businesses and potential exporters? The fact is that when they go to Africa, they go to expanding markets, which in thirty years will be twice as large as they are now.
The population will be twice as large, and will need more roads, power plants, food, electronics, cars, clothing, etc. Moreover, the middle class in Africa will grow at a much faster rate than the demographic increase would otherwise dictate. By 2050, it will at least triple.
Africa's advantages as a platform for Russian foreign economic expansion are not limited to demographic factors. The developed markets of the OECD countries, especially the European Union, are highly regulated, which creates the highest barriers for exporting companies from Russia. Although tariff barriers are limited by WTO rules, the same European markets have a lot of non-tariff barriers. The regulatory environment in Africa is generally much more favourable, although of course it differs from country to country.
The third advantage of Africa is that the local market is experiencing a shortage of both high-tech companies and companies with a medium level of technology development.
Of course, the African market is not a panacea and one hundred percent recipe for the development of an effective industrial policy of Russia. This is just one of many directions in which the development of foreign economic activity of our country should proceed. However, to neglect its importance would be extremely short-sighted, just as it is short-sighted to neglect the future, writes Valdai Club expert Alexander Zotin.
🔗 Where to Look for an Effective Industrial Policy, and Why Russia Needs Africa
#Corporations_and_Economy #economy #Africa
@valdai_club — The Valdai Discussion Club
With such demographic prospects, the continent's population will practically double over the next three decades - from 1.3 billion now to almost 2.5 billion by 2050 (meanwhile, the population of developed countries will remain virtually the same).
What does it mean for businesses and potential exporters? The fact is that when they go to Africa, they go to expanding markets, which in thirty years will be twice as large as they are now.
The population will be twice as large, and will need more roads, power plants, food, electronics, cars, clothing, etc. Moreover, the middle class in Africa will grow at a much faster rate than the demographic increase would otherwise dictate. By 2050, it will at least triple.
Africa's advantages as a platform for Russian foreign economic expansion are not limited to demographic factors. The developed markets of the OECD countries, especially the European Union, are highly regulated, which creates the highest barriers for exporting companies from Russia. Although tariff barriers are limited by WTO rules, the same European markets have a lot of non-tariff barriers. The regulatory environment in Africa is generally much more favourable, although of course it differs from country to country.
The third advantage of Africa is that the local market is experiencing a shortage of both high-tech companies and companies with a medium level of technology development.
Of course, the African market is not a panacea and one hundred percent recipe for the development of an effective industrial policy of Russia. This is just one of many directions in which the development of foreign economic activity of our country should proceed. However, to neglect its importance would be extremely short-sighted, just as it is short-sighted to neglect the future, writes Valdai Club expert Alexander Zotin.
🔗 Where to Look for an Effective Industrial Policy, and Why Russia Needs Africa
#Corporations_and_Economy #economy #Africa
@valdai_club — The Valdai Discussion Club
Valdai Club
Where to Look for an Effective Industrial Policy, and Why Russia Needs Africa
The experience of East Asian countries shows that successful economic development is hardly possible without a well-thought-out, export-oriented industrial policy. However, Russia is experiencing difficulties working in the traditional export markets of…
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🪙🌍 The economy of the Middle East has experienced two extreme turns in its history.
In the Middle Ages, this part of the world was more developed economically, scientifically and culturally than West. However, in the 17-19th centuries, the Middle East fell significantly behind the Western countries in development.
🎞 You can find out more about the economic development of the region in the 21st century in our videoinfographic.
ℹ️ The infographic has been prepared especially for the Middle East conference “Russia and the Middle East: Strategic Rapprochement and Interweaving of Interests”.
#MIDDLE_EAST2022 #MiddleEast #economy
@valdai_club — The Valdai Discussion Club
In the Middle Ages, this part of the world was more developed economically, scientifically and culturally than West. However, in the 17-19th centuries, the Middle East fell significantly behind the Western countries in development.
🎞 You can find out more about the economic development of the region in the 21st century in our videoinfographic.
ℹ️ The infographic has been prepared especially for the Middle East conference “Russia and the Middle East: Strategic Rapprochement and Interweaving of Interests”.
#MIDDLE_EAST2022 #MiddleEast #economy
@valdai_club — The Valdai Discussion Club
⛔️ The sanctions consolidation of a group of “unfriendly” countries is largely a direct consequence of their high trade, investment and debt interdependence.
The high integration of developed markets among themselves, as well as their dependence on the United States, makes them feel that it is impossible to break the “vicious circle” and that they must be forced to follow a common historical fate and “collective” interests that dominate national ones, which spurs the process of “consolidation from above”.
At the same time, more than half of the G20 and the vast majority of the countries of the Global South are not ready to support the efforts of the US and Europe to isolate Russia.
The United States has released the “genie from the bottle” and now it is not known in which direction global sanctions may begin to develop.
If the United States uses its dominance in the global financial system and the dollar monopoly in the mechanism of secondary sanctions, then China uses its positions in global value chains. And this response, in the medium term, may turn out to be quite symmetrical, given the share of Chinese materials and components in global production, writes Valdai Club expert Ekaterina Arapova.
#EconomicStatecraft #economy #sanctions #complience
@valdai_club
The high integration of developed markets among themselves, as well as their dependence on the United States, makes them feel that it is impossible to break the “vicious circle” and that they must be forced to follow a common historical fate and “collective” interests that dominate national ones, which spurs the process of “consolidation from above”.
At the same time, more than half of the G20 and the vast majority of the countries of the Global South are not ready to support the efforts of the US and Europe to isolate Russia.
The United States has released the “genie from the bottle” and now it is not known in which direction global sanctions may begin to develop.
If the United States uses its dominance in the global financial system and the dollar monopoly in the mechanism of secondary sanctions, then China uses its positions in global value chains. And this response, in the medium term, may turn out to be quite symmetrical, given the share of Chinese materials and components in global production, writes Valdai Club expert Ekaterina Arapova.
#EconomicStatecraft #economy #sanctions #complience
@valdai_club
Valdai Club
How the US Forces Third Countries to Support Sanctions
The United States has released the “genie from the bottle” and now it is not known in which direction global sanctions may begin to develop. If the United States uses its dominance in the global financial system and the dollar monopoly in the mechanism of…
🌾 Amid the current geopolitical and economic shocks, the global economy has entered a period of turbulence and structural transformation.
Since the beginning of 2022, the total cost of energy resources in the world has increased by almost 40%. The growth in the cost of raw agricultural materials reached 20% in May-June. Since then, prices have declined, but how sustainable this decline is remains a big question.
Current geopolitical divisions are causing global markets to stop functioning normally. Markets themselves have become fragmented, supply chains are more risky, and incentives to invest and expand production have weakened, writes Marsel Salikhov, President of the Institute for Energy and Finance Foundation, for the 19th Annual Valdai Club Meeting.
https://valdaiclub.com/a/highlights/food-energy-security-and-global-markets/
#VALDAI2022 #economy
@valdaiclub
Since the beginning of 2022, the total cost of energy resources in the world has increased by almost 40%. The growth in the cost of raw agricultural materials reached 20% in May-June. Since then, prices have declined, but how sustainable this decline is remains a big question.
Current geopolitical divisions are causing global markets to stop functioning normally. Markets themselves have become fragmented, supply chains are more risky, and incentives to invest and expand production have weakened, writes Marsel Salikhov, President of the Institute for Energy and Finance Foundation, for the 19th Annual Valdai Club Meeting.
https://valdaiclub.com/a/highlights/food-energy-security-and-global-markets/
#VALDAI2022 #economy
@valdaiclub
Valdai Club
Food/Energy Security and Global Markets
Current geopolitical divisions are causing global markets to stop functioning normally. Markets themselves have become fragmented, supply chains are more risky, and incentives to invest and expand production have weakened, writes Marsel Salikhov, President…
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🛒 Despite the interconnectedness of the global economy, in many areas individual countries and even companies wield disproportionate weight. These can be very small countries and even separate territories. The most striking example is the semiconductor and grain markets.
Why these disproportions arise, what crises they can lead to, and most importantly, what are the ways to solve these problems you can find out from our videoinfographic.
📍 The infographic is prepared for the Valdai Club’s 19th Annual Meeting.
#VALDAI2022 #economy
@valdai_club
Why these disproportions arise, what crises they can lead to, and most importantly, what are the ways to solve these problems you can find out from our videoinfographic.
📍 The infographic is prepared for the Valdai Club’s 19th Annual Meeting.
#VALDAI2022 #economy
@valdai_club
🌏 Asia’s growth remained in recovery mode in 2022, although the region will continue to outperform the rest of the world.
In addition to country- and region-specific factors, the IMF forecast reflects four concurrent global crosswinds: rising oil prices, monetary policies, and exchange rate divergence in the major economies, as well as shifting financial conditions and incremental growth.
Increasing conflicts between US and China as well as Russia and the West would have an impact on the recovery process, but these conflicts have also exposed the limitations of military structures and international institutions. In such a scenario, dialogue is the only way out.
Importantly, the assurance of the US security to many of its allies is dwindling, including in Japan, Korea, and Taiwan. One of the signals is Japan’s move to increase its defence budget to 2 percent of its GDP.
Russia’s role in parts of East Asia, Southeast Asia and Oceania needs to be reconfigured, as it has the potential to be a critical stakeholder, writes Pankaj Kumar Jha, Professor and Director of the Centre for Security Studies, OP Jindal Global University.
https://valdaiclub.com/a/highlights/globalisation-in-asia-and-the-lingering-conflicts/
📌 This article was prepared for the Valdai Club’s 13th Asian Conference.
#ASIANVALDAI #Asia #economy
@valdai_club
In addition to country- and region-specific factors, the IMF forecast reflects four concurrent global crosswinds: rising oil prices, monetary policies, and exchange rate divergence in the major economies, as well as shifting financial conditions and incremental growth.
Increasing conflicts between US and China as well as Russia and the West would have an impact on the recovery process, but these conflicts have also exposed the limitations of military structures and international institutions. In such a scenario, dialogue is the only way out.
Importantly, the assurance of the US security to many of its allies is dwindling, including in Japan, Korea, and Taiwan. One of the signals is Japan’s move to increase its defence budget to 2 percent of its GDP.
Russia’s role in parts of East Asia, Southeast Asia and Oceania needs to be reconfigured, as it has the potential to be a critical stakeholder, writes Pankaj Kumar Jha, Professor and Director of the Centre for Security Studies, OP Jindal Global University.
https://valdaiclub.com/a/highlights/globalisation-in-asia-and-the-lingering-conflicts/
📌 This article was prepared for the Valdai Club’s 13th Asian Conference.
#ASIANVALDAI #Asia #economy
@valdai_club
Valdai Club
Globalisation in Asia and the Lingering Conflicts
Russia’s role in parts of East Asia, Southeast Asia and Oceania needs to be reconfigured, as it has the potential to be a critical stakeholder, writes Pankaj Kumar Jha, Professor and Director of the Centre for Security Studies, O P Jindal Global University.…
🌏 As confrontation between the major countries grows, the world economy will undergo serious changes in the coming years.
On the one hand, to some extent, we are talking about growing regionalisation, in fact, a reduction of the transportation leg in foreign trade to reduce risks. Another factor is the desire to diversify partners, also to mitigate the increasing level of political risks. The economic factor will be less decisive amid the new conditions.
The global changes will affect the countries of Central Asia and Russia, in part, by contributing to the expansion of mutual trade and investment, writes Marsel Salikhov, President of the Institute for Energy and Finance Foundation, for the Third Central Asian Conference of the Valdai Discussion Club.
https://valdaiclub.com/a/highlights/the-role-of-russia-and-central-asia-in-new-word/
#CentralAsianValdai #CentralAsia #economy
@valdai_club
On the one hand, to some extent, we are talking about growing regionalisation, in fact, a reduction of the transportation leg in foreign trade to reduce risks. Another factor is the desire to diversify partners, also to mitigate the increasing level of political risks. The economic factor will be less decisive amid the new conditions.
The global changes will affect the countries of Central Asia and Russia, in part, by contributing to the expansion of mutual trade and investment, writes Marsel Salikhov, President of the Institute for Energy and Finance Foundation, for the Third Central Asian Conference of the Valdai Discussion Club.
https://valdaiclub.com/a/highlights/the-role-of-russia-and-central-asia-in-new-word/
#CentralAsianValdai #CentralAsia #economy
@valdai_club
Valdai Club
The Role of Russia and Central Asia in the New World Economy
The global changes will affect the countries of Central Asia and Russia, in part, by contributing to the expansion of mutual trade and investment, writes Valdai Club expert Marcel Salikhov.
📉 This is undoubtedly the first time in many years that the world economy has been threatened by three crises, each quite distinct in its origins, but whose consequences are intertwined.
A serious economic crisis, or the bursting of multilateralism, can very well lead to a new banking and financial crisis. The latter, in turn, will certainly aggravate the recessionary tendencies, and therefore the debt crisis, and the implosion of multilateralism. Certainly, the worst is not certain.
🏷️ The banking crisis is played out over a few days.
🏷️ The economic and debt crisis occurs over several months.
🏷️ The crisis of multilateralism can take several years.
However, what is new in today’s situation is the possible combination of these relatively short-term crises. This is the main risk, writes Valdai Club expert Jacques Sapir.
https://valdaiclub.com/a/highlights/crises-ahead/
#EconomicStatecraft #economy #crisis
@valdai_club
A serious economic crisis, or the bursting of multilateralism, can very well lead to a new banking and financial crisis. The latter, in turn, will certainly aggravate the recessionary tendencies, and therefore the debt crisis, and the implosion of multilateralism. Certainly, the worst is not certain.
🏷️ The banking crisis is played out over a few days.
🏷️ The economic and debt crisis occurs over several months.
🏷️ The crisis of multilateralism can take several years.
However, what is new in today’s situation is the possible combination of these relatively short-term crises. This is the main risk, writes Valdai Club expert Jacques Sapir.
https://valdaiclub.com/a/highlights/crises-ahead/
#EconomicStatecraft #economy #crisis
@valdai_club
Valdai Club
Crises Ahead!
This is undoubtedly the first time in many years that the world economy has been threatened by three crises, each quite distinct in its origins, but whose consequences are intertwined, writes Valdai Club expert Jacques Sapir.
💰 Economists believed that traditional cyclical policies could assume the role of structural policies.
Liberal Keynesianism has led many economists to focus attention short-term consequences, while underestimating the importance of the causes of the processes.
Suddenly inflation is back, forcing investors to wake up from a dream they thought would last much longer. The increase in debt leads to an increase in financial vulnerability. No state can infinitely increase the circulation of money without respecting the structural limits of money creation.
Inflation creates inequality among citizens who have a different ability to protect their purchasing power; differences between these abilities to protect themselves that distinguish freelancers and retirees, to cite two profoundly different social groups. This can generate extremist opposition and at the very least bring about the resurgence of terrorism that was thought to have been eradicated.
The inflation that has grown in the United States and, to a lesser extent, in Europe generates imbalances in the international financial order, setting the more developed countries against the rest of the world, and fosters inequality between states corresponding to the inequalities that are generated within states between citizens who have a different ability to protect their purchasing power.
Suddenly inflation is back, forcing investors to wake up from a dream they thought would last much longer. In the near future, this awakening risks leading to the bursting of speculative bubbles. Bubbles in real estate, money and finance, produced by speculation on commodities can explode when the ample liquidity runs out drastically, writes Valdai Club expert Dario Velo.
https://valdaiclub.com/a/highlights/the-return-of-inflation/
#Norms_and_Values #economy #inflation
@valdai_club
Liberal Keynesianism has led many economists to focus attention short-term consequences, while underestimating the importance of the causes of the processes.
Suddenly inflation is back, forcing investors to wake up from a dream they thought would last much longer. The increase in debt leads to an increase in financial vulnerability. No state can infinitely increase the circulation of money without respecting the structural limits of money creation.
Inflation creates inequality among citizens who have a different ability to protect their purchasing power; differences between these abilities to protect themselves that distinguish freelancers and retirees, to cite two profoundly different social groups. This can generate extremist opposition and at the very least bring about the resurgence of terrorism that was thought to have been eradicated.
The inflation that has grown in the United States and, to a lesser extent, in Europe generates imbalances in the international financial order, setting the more developed countries against the rest of the world, and fosters inequality between states corresponding to the inequalities that are generated within states between citizens who have a different ability to protect their purchasing power.
Suddenly inflation is back, forcing investors to wake up from a dream they thought would last much longer. In the near future, this awakening risks leading to the bursting of speculative bubbles. Bubbles in real estate, money and finance, produced by speculation on commodities can explode when the ample liquidity runs out drastically, writes Valdai Club expert Dario Velo.
https://valdaiclub.com/a/highlights/the-return-of-inflation/
#Norms_and_Values #economy #inflation
@valdai_club
Valdai Club
The Return of Inflation
Suddenly inflation is back, forcing investors to wake up from a dream they thought would last much longer. In the near future, this awakening risks leading to the bursting of speculative bubbles. Bubbles in real estate, money and finance, produced by speculation…
💸 The blocking of the reserves of the Bank of Russia by Western countries, coupled with large-scale financial sanctions against Russian banks and companies, have raised the question of whether the advantages of dollarization can be offset.
The non-economic risks of US dollar transactions and dollar-denominated assets have become apparent to everyone, especially to central banks.
The share of the American currency in international reserves has been steadily declining over the past decades, but this has been happening quite slowly. If in the early 2000s about 70% of the reserves of the world’s central banks were in US dollars, since 2020 it has been below 60%. There was no drastic reduction in US dollar reserves in 2022. Its share in reserves fell by 0.44 percentage points, while its share in interbank transfers even increased.
The main reason for such rigidity in the seemingly understandable increased political risks is the lack of serious alternatives that can absorb significant amounts of savings from central banks.
The de-dollarization of the global financial system will continue. This will be facilitated primarily by the development of technology in the financial sector. The development of automated trading platforms helps to reduce the cost of exchanging one currency for another. Central banks will seek to conduct direct clearing with each other, not directly using the currencies of developed countries.
In the future, the digital currencies of central banks can also be used for international transactions, reducing costs for economic agents. However, this is a rather slow process, writes Marsel Salikhov.
https://valdaiclub.com/a/highlights/de-dollarization-myth-or-reality/
#Valdai_WorldEconomy #dedollarization #dollar #economy #currencies
🗣 🗣 🗣
The non-economic risks of US dollar transactions and dollar-denominated assets have become apparent to everyone, especially to central banks.
The share of the American currency in international reserves has been steadily declining over the past decades, but this has been happening quite slowly. If in the early 2000s about 70% of the reserves of the world’s central banks were in US dollars, since 2020 it has been below 60%. There was no drastic reduction in US dollar reserves in 2022. Its share in reserves fell by 0.44 percentage points, while its share in interbank transfers even increased.
The main reason for such rigidity in the seemingly understandable increased political risks is the lack of serious alternatives that can absorb significant amounts of savings from central banks.
The de-dollarization of the global financial system will continue. This will be facilitated primarily by the development of technology in the financial sector. The development of automated trading platforms helps to reduce the cost of exchanging one currency for another. Central banks will seek to conduct direct clearing with each other, not directly using the currencies of developed countries.
In the future, the digital currencies of central banks can also be used for international transactions, reducing costs for economic agents. However, this is a rather slow process, writes Marsel Salikhov.
https://valdaiclub.com/a/highlights/de-dollarization-myth-or-reality/
#Valdai_WorldEconomy #dedollarization #dollar #economy #currencies
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Valdai Club
De-Dollarization: Myth or Reality?
The de-dollarization of the global financial system will continue. This will be facilitated primarily by the development of technology in the financial sector. In the future, the digital currencies of central banks can also be used for international transactions…
🇷🇺🇨🇳 The development of economic relations between Russia and China is becoming increasingly important for both countries.
Since the end of 2022, China has been Russia’s leading trading partner. Trade between Russia and China rose to $190.27 billion in 2022, a 29.3% rise.
In 2021, the trade turnover between Russia and China amounted to $146.887 billion, which is 35.8% more than in 2020.
An important factor that will contribute to the increase in trade between Russia and China is the improvement of the system of mutual settlements in national currencies.
In this regard, the further large-scale rejection of the dollar and the euro in favour of national currencies in mutual settlements, the simplification of banking and commodity settlements between countries, and the development of the digital rouble and digital yuan will contribute to a further systematic increase in trade flows, writes Anastasia Stepanova.
https://valdaiclub.com/a/highlights/trade-between-russia-and-china-factors-and-limits/
#EconomicStatecraft #China #economy #trade
🗣 🗣 🗣
Since the end of 2022, China has been Russia’s leading trading partner. Trade between Russia and China rose to $190.27 billion in 2022, a 29.3% rise.
In 2021, the trade turnover between Russia and China amounted to $146.887 billion, which is 35.8% more than in 2020.
An important factor that will contribute to the increase in trade between Russia and China is the improvement of the system of mutual settlements in national currencies.
In this regard, the further large-scale rejection of the dollar and the euro in favour of national currencies in mutual settlements, the simplification of banking and commodity settlements between countries, and the development of the digital rouble and digital yuan will contribute to a further systematic increase in trade flows, writes Anastasia Stepanova.
https://valdaiclub.com/a/highlights/trade-between-russia-and-china-factors-and-limits/
#EconomicStatecraft #China #economy #trade
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Valdai Club
Trade Between Russia and China: Factors and Limits to Growth
For a long time there has been a process of reorientation of Russia’s trade flows from the West to the East. The Asian market is huge; it has great growth potential and the population has high purchasing power. Trade cooperation with the BRICS countries…
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🛒🌐 Will countries be able to ensure their independence in imports?
Especially for the Valdai Club session at the EEF-2023, titled “Open Far East in the World Economy: Achievements and Plans for the Future,” we created a videoinfographic on import substitution and import independence.
#Valdai_EEF #imports #economy
🗣 🗣 🗣
Especially for the Valdai Club session at the EEF-2023, titled “Open Far East in the World Economy: Achievements and Plans for the Future,” we created a videoinfographic on import substitution and import independence.
#Valdai_EEF #imports #economy
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