Expert: China can contribute to Russia’s economic reform

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Putin has been a constant figure in Russian politics for the past 18 years. And now he has cruised to a victory in presidential elections again. What can the world expect from his next term? How will his re-election influence Russia’s future?

Cui Hongjian, director of the Department for European Studies of China Institute of International Studies(CIIS), shared his views with CGTN’s Global Watch.

Sanctions bring dynamics to economic reform

Russia’s economy has become a major topic of discussion after several Western countries imposed a series of sanctions on Russia.

According to Cui Hongjian, Russia has suffered a lot in the last several years due to the sanctions posted by Western countries. During the period of 2013-2016 there was a big drop in Russia’s GDP, nearly one trillion US dollars, which was a huge loss for economic development. But every coin has two sides, Cui Hongjian noted that this also provided Russia with an opportunity to start reform.

“I think it also gives dynamics to Putin and his government to reform the economic structure. There will be more comprehensive development in Russia’s economy. For example, besides the traditional oil and gas and natural resources, Russia, in recent years, has improved its export of agricultural produce to China and some other Asian countries.

China can contribute to Russia’s economic reform

Cui Hongjian said there needs to be further economic reform in Russia, which is not an easy task. Just as Putin talked to his supporters after election, it will need more support from business and individual entities. Meanwhile, the partnership between China and Russia, which is at an unprecedented high, will make a contribution to Russia’s economic reform.

“I think China-Russia cooperation will contribute a lot to this reform and sustainable development of Russia’s economy. As we know, now China and Russia are trying to get a closer cooperation, especially in the frame of Belt and Road Initiative and synergy with the Eurasian Economic Union proposed by Russia. There will be more and more opportunity for China and Russia’s economic development.”

Russia vs. the West: Confrontation or cooperation?

Cui Hongjian noted that relations between Russia and Western countries will be the biggest challenge for Putin and his government in the next six years. The lack of mutual trust has led to a series of problems, even strategic confrontation, which has left scarce opportunity for further cooperation between Russia and the West. But according to Cui Hongjian, there still are chances.

“There are some points for potential cooperation. For example, for further arrangement in Syria or some other regional issues, still, there are opportunities, windows for Russia and Western countries to achieve some cooperation."