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Russian President Putin called China 'locomotive of world economy'

July 10, 2015, 18:28 UTC+3 UFA

Russian President also cited recent data from the stock markets, showing "slight rise again"

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China's and Russian Presidents Xi Jinping and Vladimir Putin

China's and Russian Presidents Xi Jinping and Vladimir Putin

© TASS/Stanislav Krasilnikov

UFA, July 10. / TASS / China is and will remain the "locomotive of the world economy," said Russian President Vladimir Putin at the press-conference after the SOC and BRICS summits on Friday.

"As far as China and its stock markets are concerned, we talked about it with the President of China. The Chinese leadership is taking it extremely calmly. I agree with the Chinese estimates, which say that the previous time, the "bulls" played it confident, may be even a little too confident, so now a downward adjustment is taking place," President Putin said.

He also cited recent data from the stock markets, showing "slight rise again."

"So, therefore, there isn't anything special here. I think that China has been and will remain the locomotive of the world economy," President Putin said.

"With regard to the economic difficulties, well, they are everywhere," President Putin said. For example, he cited forecasts of international financial institutions, which are again predicting a decrease of the economic level. "We well know what is happening in Europe, the slowing of economic development, the crisis in the Euro zone due to the problems in Greece," said President Putin.

He also cited the example of the United States, which also demonstrates an economic slowdown. "It's debt level exceeds its GDP - the GDP is $17.8 trillion, and the debt is already $18.2 trillion. This is a serious problem not only for the US but for the world economy," President Putin said.

According to Putin, "BRICS countries are no exception; they are simply in a trend, unfortunately, that the whole world economy is going through."

When speaking about the situation in Brazil, the Russian President noted that at the root of the country's problems are economic issues. "There is a need, and I think that the Brazilian colleagues are well aware of this, to shift to other stimuli in development, to ensure the growth rates," Putin said.

He added that "as always, and in all countries of the world, the opposition, of course, uses the challenges; this is the golden rule of political life."

"I think, I don't even doubt it, that Brazil will overcome all the problems and come onto the path of sustainable development," said President Putin.

He acknowledged that there are problems in the Russian economy, "there are problems, there is a drop in growth rates, including in the GDP." "But we kept the reserves, provided an acceptable exchange rate for the national currency, we have a trade surplus. The fundamentals of the economy give us good reason to believe that we too, shall overcome these difficulties," President Putin said.

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