Almost 18,000 civilians evacuated from areas of Aleppo controlled by militantsWorld December 10, 7:41
Russian swimmers win 11 sets of medals at FINA World Swimming Championships (25 m)Sport December 10, 7:00
Shiveluch volcano in Russia’s Far East spews ash to 11 km in airWorld December 10, 5:28
Ceasefire agreements enter into force near Damascus, in Idlib province ― mediaWorld December 10, 4:18
Russian pair Tarasova/Morozov win final of ISU Grand Prix of Figure Skating in MarseillesSport December 10, 4:00
Matviyenko to visit UAE to participate in Forum of Women Speakers of ParliamentRussian Politics & Diplomacy December 10, 3:21
Doping samples of all athletes from past three Olympics should be re-analyzed ― lawmakerSport December 10, 2:01
Russia’s figure skater Medvedeva leads with world record after SP at Grand Prix finalsSport December 10, 1:28
Russian energy minister expects OPEC, non member countries to sign agreement on oil outputBusiness & Economy December 10, 0:46
MOSCOW, June 22. /TASS/. Recession in China’s economy will influence on the global market more seriously than the world’s crisis of 2008-2009, Russia’s Deputy Finance Minister Maxim Oreshkin told TASS on Wednesday. The Finance Ministry believes this scenario is of low probability so far but addresses such risks in its policy, the official said.
"The risk is in place that attitude of financial markets and investors towards China, including the real sector of the economy, may enter a negative spiral. If the situation proceeds under such scenario, we may even see the recession in China. This scenario is so painful that we cannot neglect it. The crisis in China and its immediate spread in the Southeast Asia may be even more severe from the standpoint of global economic growth than the world’s financial crisis," Oreshkin said. Problems in Southeast Asia cannot be compensated now by support from Europe and the United States, he added.
This scenario is not highly probable, about 5-10%, the official said. Still, the economic policy should be ready for any scenarios, he added.
The GDP growth rate is gradually slowing down in China now, to 6.9% in 2015.
According to the deputy mnister, the US Federal Reserve rate hike may indirectly impact Russian economy through problems in China’s economy.
"The Federal Reserve rate increase will mean world’s economic growth rates are slowing down, similarly to commodities demand. Strange though it may be but the Federal Reserve Rate growth may affect Russia through China. China’s economy is sensitive to the Fed rate because it depends on the capital inflow," Oreshkin said.
Nevertheless, global expectations in respect of China’s economy are guarded yet positive, the official added.