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Shuvalov: Asian market can replace western loan markets to Russia

"We should learn to understand the mentality of those who create the Chinese economic miracle. They have a slightly different business habits,” Russian Vice-Premier stressed

BEIJING, September 10 (ITAR-TASS). Markets in China and Asia-Pacific countries may replace western loan markets, which are now almost closed to Russia, Russian Vice-Premier Igor Shuvalov told Itar-Tass on Wednesday.

"But we should not consider them to be magic wands: if one market closes, it does not mean that a new one will automatically spring up. It’s going to be a hard job to attract money from these (Asian) markets. We will have to work very hard,” Shuvalov warned.

He added that the rules of conduct on Asian markets are different from Russia and the European Union.

“Russian investors should understand what behavior is expected from them by the authorities, banks and commercial operators. We should learn to understand the mentality of those who create the Chinese economic miracle. They have a slightly different business habits,” Shuvalov stressed.

“In previous years, our business was oriented at the European Union. We understood how we should conduct business in Europe and how we should do that in Russia. Despite the fact that our economic relations with China have been on the rise in recent years, I cannot say that it has become an absolutely clear market for us,” the Russian vice-premier emphasized.

He added that prior to his visit to Beijing he had read a lot about China, various investment projects, the ability of Chinese to implement projects and about how those projects had come into being.

“I discovered a lot of new things for myself of which I never thought when I dealt with western partners,” Shuvalov said.

Russian companies that look for partners in the Chinese market should always remember that historical aspect is very important for Chinese authorities and entrepreneurs.

“Some Russians who come (to China) think that everybody there wants to earn money at any cost and that any profit is good,” Shuvalov said.

However, commercial success is not all for Asia investors.

“Asian investors have a very comprehensive approach to any complicated project. They carefully study all aspects, including the moral one,” Shuvalov said in conclusion.

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