Source:RDCY  Published: 2020-09-18

On September 16, 2020, Chongyang Forum No.47 was held online by the Chongyang Institute for Financial Studies at Renmin University of China (RDCY), co-hosted by China-Russia People-to-People Exchange Research Center of Renmin University of China and International Research Institute for Advanced Systems - IRIAS. This forum invited Mr. Zhou Li, Vice Minister of International Department at Central Committee of CPC dialogue and Mr. Glaziev Sergey, Minister for Integration and Macroeconomics of the Eurasian Economic Commission to have a dialogue on the theme of “The International Situation and Conjugation between Eurasian Economic Union (EAEU) and “Belt and Road” Initiative (BRI) under the Great Change", nearly 200,000 audience watched the live boradcast. Dr. Wang Wen, Executive Dean of RDCY, Researcher of the Financial Research Center of the Counsellor Office of the State Council, moderated this Forum.

Mr. Zhou Li, Vice Minister of International Department, senior fellow of RDCY and director of China-Russia People-to-People Exchange Research Center pointed out that China-US relations are facing the most complicated and severe situation since the establishment of diplomatic ties 40 years ago. Whether Trump is elected or not, it is unlikely that China-US relations will improve in the short period. China is willing to have a frank and in-depth exchange of views with the United States on issues of common concern and return to the correct track of non conflict, non confrontation, mutual respect and win-win cooperation through equal and constructive dialogue. At the same time, we firmly opposes the hegemonic behavior and power politics of the United States. Speaking of Sino-Russian cooperation, Mr. Zhou pointed out that since the beginning of this year, the heads of state of China and Russia have maintained close exchanges. Both countries have supported each other and carried out in-depth cooperation in fighting against the epidemic spread, economic and trade cooperation and other core issues of both countries. In the future, China and Russia need to further promote conjugation between EAEU and BRI, and consolidate the foundation of cooperation.

Mr. Glaziev Sergey, Minister for Integration and Macroeconomics of the Eurasian Economic Commission, pointed out that the problems in international economic cooperation today are all caused by the United States. American elites don't want to give up their global supremacy, as Britain’s did before it. The United States used wars, economic and trade wars and monetary and financial sanctions to maintain its hegemonic position, both China and Russia suffered greatly. Now Russian banks are working to combine Russia's "Mir" card (Russian payment and transaction clearing system) with China's international payment and clearing system, and have established a technological framework. Finally, Mr. Glaziev Sergey hopes that China and Russia can deepen the study of the rules of international law, establish a more favorable international environment for diversified competition and promote the diversified development of China and Russia's economy.

In the commentary panel, Director of Institute of Political Science, Chinese Academy of Social Sciences Mr. Zhang Shuhua and Senior Researcher of Institute of Economics RAS Dr. Arkhipova Violetta made their comments around the presentations of two keynote speakers. According to the view of Mr. Zhang Shuhua, the actions of American politicians will not last long, because no matter how big US is, it cannot stop the pace of the historical trend, nor can it stop the economic and technological globalization, political multi-polarization or the democratization of international relations. Dr. Arkhipova Violetta believed that it is absolutely right that China and Russia continue to deepen cooperation. We need to support each other. Russia needs to study China’s experience, especially in the field of digital currency.

During the free discussion part, Mr. Mikhail Ershov, Director of Financial Research of the Institute for Energy and Finance, he mentioned that one of the obstacles to using the local currency for settlement is the volatility and instability in the currency markets between China and Russia. It depends on the extent to which the Central Banks of China and Russia are willing to coordinate and plan to use their existing resources, including foreign exchange reserves, and how effectively they can use them to ensure the stability of currency and exchange rate if necessary.

In conclusion part, Executive Dean of RDCY Dr. Wang Wen believed that the epidemic situation in China has been under control for now. The economic recovery in the second quarter was positive, so will be in the third quarter. The general forecast for China's economic growth for 2020 is that China will be the few major countries or perhaps the only one country to maintain positive economic growth at around 2-3%. This is a very good news. For China, the main goal is to maintain the stable economic development and continue to develop with higher quality. Digital currencies are now progressing very quickly in China, with pilots of digital currencies already in place in some regions, and the digital economy is growing rapidly in China. If all goes well, China's digital economy will grow at around 15% in 2020, It would be a very impressive figure during the epidemic period.

For a long time, as a new type of think tank with Chinese characteristics, RDCY has been actively promoting communication and exchanges between China and major world countries including Russia through both official and non-governmental channels. It has held seven economic dialogues with Minister Glaziev’s team. This is the first time for RDCY to hold a live and open dialogue with its Russian partners in the context of the COVID-19 epidemic. It has played the role of a think tank in bringing closer the interaction between the government and the people of our two countries and bringing our peoples closer.

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