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Supranational rules to make global market clearer, more transparent - Kudrin

November 02, 2013, 20:42 UTC+3

“Countries should not limit themselves to their national markets,” he said

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ITAR-TASS/Sergey Fadeichev

ITAR-TASS/Sergey Fadeichev

BEIJING, November 2 (Itar-Tass) - Countries will not be able to fence themselves off from the global market and therefore need to work out supranational rules for operating on this market and learn to adapt their economies to these rules, Russia’s former finance minister Alexei Kudrin said.

“Countries should not limit themselves to their national markets by erecting financial, currency and trade barriers from each other,” he said at the 21st Century Council’s conference Understanding China in Beijing on Saturday, November 2.

“On the contrary, we need to understand that we will have to participate in the international division of labour and the global market. We need to create common rules for this market, including supranational ones. This will not reduce the market, but will expand it and make it clearer and more transparent, giving countries more chances to use the benefits of this global market,” Kudrin said.

“We need to understand the global market’s rules and learn to adapt our economies to these rules, not to the limited national enclaves and regional markets,” he added.

In his opinion, “we are on the verge of new liberalisation” and “the Chinese are talking straightforwardly about this now.”

Kudrin stressed that “the main idea and the focal point of today’s discussion is the perception of China as a part of the global world. This is an absolutely correct way to put it. If they think many steps ahead, they will always remain a very competitive country.”

Russia has “many things to learn from them” even though “we and China can both learn certain things from Western economies,” he noted.

The Chinese leadership “strongly feels the slowdown and the growing risks and I hope it is preparing solutions that will be implemented smoothly,” Kudrin said. Otherwise, China will not be able to develop further as a dynamic country, he added.

He believes that “the situation in Russia is similar.” “We also need to evaluate risks thoroughly and prepare appropriately,” he said. “There are too many unpredictable factors and hasty decisions, and we need to implement solutions consistently.”

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