Putin, Xi present common economic front
08, Jun 2019
Prelims level : Mains level :
- China’s Xi Jinping and Russia’s Vladimir Putin hit back at U.S. global economic dominance on Friday as they took the stage together at Russia’s showcase business forum.
- With China embroiled in a trade war with Washington and Russia under Western sanctions, Mr. Xi and Mr. Putin lashed out at “inequalities” in the global economic system and vowed to pursue closer ties between their countries.
- Xi’s visit has seen the signing of dozens of commercial contracts in e-commerce, telecoms, gas and other areas.
- Other deals have been signed at the forum, including one between Russian and Chinese shipping companies to work together to develop Arctic sea routes.
- While this is the Chinese leader’s first appearance at the economic forum, where he heads a 1,000-strong delegation, he and Putin have met regularly in recent years.
- Ahead of Xi’s visit, Kremlin advisor Yury Ushakov described China as “Russia’s most important economic partner”.
- The partnership is yielding increasing trade, which grew by 25 percent in 2018 to hit a record $108 billion.