Russian business analyst says G20 summit expected to provide answers to the most burning issues of the modern world

China Daily, 29.08.2016

MOSCOW - The upcoming G20 summit is expected to provide answers to the most burning issues of the modern world, a major Russian business leader has said.

"The efforts of the organizers of the summit and the work under the chairmanship of China leave no doubt that the most relevant and well worked out issues will be submitted for consideration at the G20, the answers that will determine the future agenda, not only in the economic but also in social and humanitarian spheres," Kirill Dmitriev, Director General of the Russian Direct Investment Fund (RDIF), told Xinhua.

China is to host the summit in the city of Hangzhou on Sept 4-5.

China demonstrates an excellent example not only of integration into the world economy but also of responding to the challenges that occur at the global level, Dmitriev said.

Responsibility for stability and growth is a major component of China's contribution in a global context and an example for many countries, he added.

As isolationism, artificial constraints and discrimination cannot create a healthy economy and an innovative environment, the 20 major economies must focus on co-development and growth through concerted actions, said Dmitriev.

Investment cooperation, to which China contributes greatly, plays a special role, Dmitriev said, adding that Russia and China have the same understanding of the majority of the agenda items.

"The two countries believe that there should be no barriers for the flows of investment capital and they see considerable potential in the joint implementation of infrastructure projects, especially cross-border projects," he noted.

Dmitriev believed that the implementation of joint infrastructure projects can be a driver of bilateral cooperation.

He named the construction of the first cross-border railway bridge across the Amur River, which will significantly reduce costs of transportation and expenses as one example of such cooperation.

Currently, the financing and construction of the Russian part of it are underway, Dmitriev said.

The intergovernmental Russia-China Commission for Investment cooperation is currently considering 66 projects for a total value of $100 billion, he said.

"Our Chinese partners have a long-term vision and a systemic approach to the settlement of problems. This includes a clear understanding of the companies' strategic interests, of national interests and tactical capabilities," Dmitriev said.

The Russian Direct Investment Fund created in 2011 is the country's sovereign wealth fund, which makes direct investments in leading and promising Russian companies alongside top global investors.