Washington's attempts to undermine economic growth of Russia & China is bad mistake that will backfire on US - Putin

RT
Wed, 20 Nov 2019 17:13 UTC

Washington is making a serious mistake as it aims to deter the development of Russia and China, Russian President Vladimir Putin said at an investment forum in Moscow.

"Balanced international economic relations is not their [US] main goal, but their main strategic goal is curbing the development of China and Russia," the Russian leader told the 'Russia Calling' forum, adding that such an approach is a "deep" mistake that can backfire on the US and undermine its position.

Another reason for Washington's restrictions against its trade war rival, Beijing, is that the Chinese economy has proven to be more effective than the US economy, according to the Russian president. This could be the key factor of the trade war, and not the trade deficit as the US claims.

US policy targeting Russia and China is "unfair competition" and will continue for some time in the future, said Putin. However, this will not stop the growth of the global economy and will not plunge it into recession, according to the Russian president.

"In my opinion, growth rate of the global economy will increase, despite all the problems linked to trade wars, restrictions for political reasons and so on," he told the audience. "The global economy is unlikely to go into recession in the near future even with the trade war between the US and China."

Russia and its largest trade partner, China, have been working to boost mutual trade in their national currencies, the ruble and the yuan. The issue has been repeatedly discussed by the two sides and between the leaders, including during the St. Petersburg Economic Forum (SPIEF) in June.

Putin said that while the volume of bilateral trade in national currencies is still relatively low, it is steadily growing and can grow even faster as both the Russian and Chinese governments are working to boost it.

Reader Comments

arcsmith · 2019-11-20T17:56:53Z

Both nations have a high degree of efficiency and vision that western nations simply cannot compete against, hence the endless attempts by the west to undermine and interfere in both the domestic and foreign affairs of Russia & China.

Our responsibility is to rally and lead the whole party and the Chinese people of all ethnic groups in continuing to liberate our way of thinking, carry on reform and opening, further unleash and develop the productive forces, work hard to resolve the difficulties the people face in both work and life, and steadfastly take the road of prosperity for all.

Xi Jinping

Artex · 2019-11-20T19:22:44Z

That's because in the west we make money by moving money around and not by creating things with real value. Our production infrastructure was extracted and sent east. If Russia and China decide to play hardball, we in the US are going to suffer. Best case scenario is hyperinflation and having to buy illegally imported goods on the black market.

arcsmith · 2019-11-20T20:03:57Z

Good point. It is also important to remember that a nation such as Russia has less than 14℅ external debt to GDP vs the US at well over 100℅. Not to mention several national wealth funds and increasing gold reserves.

That is why laughable quotes from US politicians are nothing more than wishful thinking. Who said "The Russian economy is in tatters" several years ago?

Artex · 2019-11-20T20:23:55Z

Well, the coup was in '91, and the former USSR was in tatters for a couple of decades, but there has always been forward momentum under Putin. Yeltsin is a US sock puppet, and things would go poorly for Russian citizens if he became president again.

Our biggest problems are caused by the security apparati of the world's governments, playing Game of Thrones with us as cannon fodder while they lie to all civilians and non-civilians alike, so those of us who haven't figured it out are perpetually gaslit, because what we read in the papers and see on the news doesn't line up even remotely with what we see with our eyes and hear when we speak to our communities.

I keep buying stuff, but not like I used to. I used to buy toys, and now I buy tools, so when the SHTF, I have basic tools of survival. Axes, hammers, rope, camping gear. It doesn't even have to be a invasion or attack. It could be the economy, it could be a comet, it could be an earthquake. Eventually it will happen, and I live in WI. Assuming Adapt 2030 is correct, I need to be able to survive the cold. I should probably learn how to make a snare. But I digress.

The people of the USSR didn't think things would go to shit overnight, but they certainly did. The US, like all empires before them, will fall. No idea when it will happen or if it will in my lifetime. But it will, and if I'm around I intend to survive. And the simple fact for me is that I had a premonition when I was a child. It was brief and out of nowhere and I've never forgotten it. I saw balls of fire and ash. I looked at my much older brother and said "Something bad is going to happen in our lifetime." Maybe it already did and I wasn't there? Maybe it hasn't and I will be there. Life is uncertainty, be prepared.