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Putin brands West’s attempts to ‘tighten the screws’ on competitors as futile

YEKATERINBURG, July 9. /TASS/. Russian President Vladimir Putin has dubbed as ‘a blind alley’ a bid of some global economic powers to fight competitors through "tightening the screws on them".

"The situation is changing, new global leaders have emerged, such as China and India," Putin told students and post-graduate students of Ural Federal University. "Those who used to feel monopolists until quite recently, they have got nervous and have started ‘putting the screws’ hampering the development of their rivals, including Russia and China, instead of continuing to function efficiently, making themselves more competitive in the global world," Putin said.

"This is a road to nowhere, this will yield no results," he noted.

Putin said different countries have availed of globalization in Asia and Europe differently. He cited China that had used globalization in order to "lift millions of people from poverty".

Meanwhile, in Western countries, both in Europe and in the US, only major multinational companies, their management and partners had taken advantage of globalization. "Even the middleclass has not quite felt the results of this globalization," he added.

Focusing on Russia, Putin said it was necessary to take into account the factor of technological development and think about the people who could lose their jobs for this reason.

Preemptive measures must be taken, such as re-training, using labor resources, raising labor productivity at all levels and along all trajectories of activity, Putin stressed.