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Seeing the Big Picture: Russia-China Economic Cooperation, the SCO and Global Climate Change
Seeing the Big Picture: Russia-China Economic Cooperation, the SCO and Global Climate Change
This year’s Eastern Economic Forum in Vladivostok was as usual the subject of dismissive coverage – if any in the mainstream US and UK media. Viewed through the feverish and unregulated speculative bubbles that have defined what passes for 21st century global finance in New York and London, the slow but steady and enormous moves towards industrial and resource consolidation and cooperation between Beijing and Moscow are occurring at too slow a rate to grab Western imaginations shaped by Attention Deficit Disorders.
This failure to grasp the scale of what is going on is like Aesop’s Fable of the Tortoise and the Hare. Western leaders, strategists and financiers think in 24 hour news cycles and soundbites. Presidents Vladimir Putin of Russia and Xi Jinping of China are thinking in terms of decades and generations.
Western leaders and commentators believe Russian-Chinese economic cooperation has already failed and can never succeed be because it is moving slowly. They fail to grasp that it is moving consistently and steadily in the same direction.
What Russia and China are doing, as perceptive contributors to the Strategic Culture Foundation such as Federico Pieraccini have pointed out is to integrate the strategic security dimension of the highly successful and now well-established Shanghai Cooperation Organization (SCO) with the economic investment dimension of China’s Road and Belt Initiative.
A comparison could be with the much touted success of the combined Marshall Plan and NATO Alliance initiatives produced by the United States in the late 1940s to integrate all of Western Europe under US leadership and control.
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Russia’s Eastern Economic Forum Wrap Up: De-Dollarization Tops Agenda
Russia’s Eastern Economic Forum Wrap Up: De-Dollarization Tops Agenda
The Eastern Economic Forum (EEF) was held in Vladivostok on Sept.11-13. Founded in 2015, the event has become a platform for planning and launching projects to strengthen business ties in the Asia-Pacific region.
This year, the EEF brought together delegations from over 60 countries to discuss the topic “The Far East: Expanding the Range of Possibilities”. A total of 100 business events involving over 6,000 participants were held during the three days. 1,357 media personnel worked to cover the forum. Last year, the number of participants was 5,000 with 1,000 media persons involved in reporting and broadcasting. The EEF-18 gathered 340 foreign and 383 Russian CEOs. Nearly 80 start-ups from across South-East Asia joined the meeting.
This year, a total of 175 agreements worth of 2.9 trillion rubles (some $4.3 billion) were signed. For comparison, the sum was 2.5 trillion rubles (roughly $3.7 billion) in 2017. They included the development of the Baimsky ore deposits in Chukotka, the construction of a terminal for Novatek LNG at Bechevinskaya Bay in Kamchatka and the investment of Asian countries in Russia’s agricultural projects in the Far East. Russian Direct Investment Fund (RDIF), Mail.Ru Group, Megafon and Chinese Alibaba inked an agreement on establishing AliExpress trade joint venture. Rosneft and Chinese CNPC signed an oil exploration agreement.
The Chinese delegation was the largest (1,096 people), followed by the Japanese (570 members). The list of guests included the president of Mongolia and prime ministers of Japan and South Korea. It was also the first time Chinese President Xi Jinping attended the event to meet his Russian counterpart. The issue of de-dollarization topped the agenda. Russia and China reaffirmed their interest in expanding the use of national currencies in bilateral deals.
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