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China barely affected by US trade restrictions — Rosneft CEO

On the contrary, he added, the World Bank in its latest report lowered its forecast for US GDP growth this year to 1.4%

ST. PETERSBURG, June 21. /TASS/. The trade restrictions imposed by the United States have failed to slow the growth of China’s economy, CEO of Rosneft Igor Sechin said during the energy panel discussion at the St. Petersburg International Economic Forum.

"One of the tools recently employed by the United States to address its budget deficit has been the introduction of trade restrictions. However, the sharp increase in import tariffs leads to supply chain disruptions, shortages, and inflation. The restrictions introduced this year have gone virtually unnoticed by China," Sechin stated.

On the contrary, he added, the World Bank in its latest report lowered its forecast for US GDP growth this year to 1.4%. "China’s forecast remained unchanged: its economy is expected to grow by 4.5% this year," he noted.

About the forum

The St. Petersburg International Economic Forum (SPIEF) is taking place on June 18-21. This year, the event is held under the theme "Shared Values: The Foundation of Growth in a Multipolar World." Thematic zones such as the ‘Territory of Innovations’ and the national brand space ‘Buy Russian!’ will operate at the Forum.

The program includes the SME Forum, the Creative Industries Forum, the Day of the Future International Youth Economic Forum, the Drug Security Forum, and the Roscongress Urban Hub discussion platform. As part of the cultural program, the Petersburg Seasons festival will be held, and the SPIEF Sports Games will take place.

The Roscongress Foundation is the organizer of the St. Petersburg International Economic Forum. TASS is its information partner.

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