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Russia, China to gear up for creating autonomous financial system - Medvedev

November 04, 2016, 22:06 updated at: November 05, 2016, 0:01 UTC+3 MOSCOW

"We need to set up a modern, protected and simultaneously quite autonomous financial system, which would be subject to political risks to a lesser degree", Medvedev said

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MOSCOW, November 4. /TASS/. Russia and China need to create an autonomous financial system which would be minimally subject to political risks and external pressure, Russian Prime Minister Dmitry Medvedev said in an interview with the Chinese Central Television (CCTV).

"As I see it, what should we be guided with in creating a modern financial system in the People’s Republic of China and in the Russian Federation?" he said. "We need to set up a modern, protected and simultaneously quite autonomous financial system, which would be subject to political risks to a lesser degree."

Nowadays, Russia and China are considering integration of Russia’s national payment system, the Mir bank cards, and China’s UnionPay system, he said.

"In our view, it would help to enhance the reliability of payments," Medvedev said, adding that sometimes some countries were trying to exert "all sorts of political pressure." European banks had been regularly fined by US financial authorities and financial companies, he added.

"They say ‘We will take ten billion euros from a French bank and seven billion euros from a German bank’. Our European partners agree with this," Medvedev said.

"I am not speaking about the nature of these disputes but that we must protect our financial systems. China must protect its own system and Russia must protect its own system. Therefore, this cooperation is very useful as in this situation no-one will be capable of blocking the road of financial traffic," he emphasized.

Russia looks to predictability of China’s economic growth

Russia expects that China’s economic growth will be predictable and is set to cooperate with Chinese partners for the purpose, Russia’s Prime Minister said in an interview.

"We are interested in predictability of China’s economy growth and so we are ready to work with our Chinese partners," Medvedev said, adding the Russian government was implementing a plan aimed to boost the economic growth.

"Actually, everyone needs it. Our country needs it as recently we have been plunged in a phase of such decline. Both European and US economies need it since they have not been gaining fast growth, to say nothing about Japan. Also, the Chinese economy needs it since it had been gathering speed in the past years but has slowed down later," he said. "It is closely watched by everyone as China’s economy is the most significant factor of the world economic growth.".

Energy and high technology sectors 

Russia and China may reach the goal of $200bln trade by 2020 but energy and high technology sectors along with traditional trade should move up a gear, Russian Prime Minister said.

"Indicators have been improving this year as a result of joint work of the two states, including our countries’ leaders, governments, ministries, agencies and businesses," Medvedev said.

"I am convinced that if we move ahead like this, by 2020 we will be able to reach the trade of $200 billion worth. However, attention should be turned to key aspects of cooperation," he said explaining he implied the energy sector, with some projects like the Power of Siberia gas pipeline.

"In 2015 construction of an eastern stretch of the gas pipeline was launched," he said. "Also, it includes oil supplies along the Skovorodino-Mohe (oil pipeline) extension and construction of large facilities, in particular the construction of Unit 3 at the Tianwan Nuclear Power Plant."

Besides, high-tech projects should be enhanced, he said.

"I mean wide-body jets, heavy helicopters and other projects in the high-tech sector," Medvedev said. "It seems to me that if we diversify trade like this, our countries will be quite capable of reaching the level which we agreed on several years ago," he said in conclusion.

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