Forum on Russian, world economy kicks off in St. Petersburg

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Europe

The 23rd St. Petersburg International Economic Forum (SPIEF) is scheduled to take place June 6 to 8, with the key topic of "Creating a Sustainable Development Agenda."

Economic issues and hot topics will be discussed during the three-day event, including the global economy, Russian economy, technology and energy, according to the forum's business program.

SPIEF and Russian economy

The SPIEF generallly delivers new insight into Russia's economic recovery and development. This year, attention will be paid to the economic growth rate. The imbalance between a slow growth rate and Russia's potential is seen as the main challenge faced by the country's financial and economic sectors.

New incentives and factors affecting economic growth will be discussed as ways to boost GDP growth, according to the business program.

The structure of the Russian economy is undergoing significant changes owing to technological progress. Fin-tech and big data in the new era of the digital economy will also be topics of discussion.

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China-Russia business opportunity

The China-Russia strategic partnership will be further enhanced during the event. More than 1,000 representatives from China will attend this year's forum, especially the China-Russia business dialogue, to explore new business opportunities between the two countries.

Moreover, the two nations have emphasized the role of small and medium-sized enterprises (SMEs) in driving economic growth.

The SPIEF website shows that the number of people employed at SMEs in Russia is projected to grow by almost six million by 2024, and over 400 billion RUB (about six billion U.S. dollars) have been allocated for SMEs' projects.

China, on the other hand, introduced a series of measures to stimulate the growth of SMEs. The total reduction of social insurance taxes is expected to reach nearly two trillion yuan (about 289.7 billion U.S. dollars).

Founded in 1997, the St. Petersburg International Economic Forum is an annual Russian business conference.

Chinese President Xi Jinping will pay a state visit to Russia and attend the 23rd St. Petersburg International Economic Forum from June 5 to 7.