Xinhua News AgencyAuthor: Huang He, Jiang Youlin, Yuan Xinfang.
Russia** Putin said at the 14th "Russia is Calling" forum held in Moscow on the 7th that the global economic system is undergoing "fundamental and irreversible" changes, and Russia hopes to establish a world economic development model with truly fair competition for all participants.
Putin said that the West has undermined the principles of the market economy, that the financial infrastructure based on the dollar and the euro and that payments are made only through the Society for Worldwide Interbank Financial Communication (SWIFT) system is losing credibility, and that local currency settlements are becoming more and more popular in international payments. He pointed out that the increasing application of technologies such as blockchain and digital currency in international payments could trigger a "real revolution" in the coming years and completely break the monopoly of large Western banks.
Putin stressed that Russia's economic growth rate this year will be ahead of all major EU countries, and Russia has proven its ability to cope with the most complex challenges. In the first 10 months of this year, GDP grew by 32%, which is higher than the level before the West imposed large-scale sanctions on Russia.
Putin also said that from March 2022 to November this year, the number of foreign enterprises in Russia increased instead of decreasing. The Russian market "does not expel anyone and is not closed to anyone."
The "Russia is Calling" forum is organized by VTB to attract investment for Russia's economic development and to create a platform for dialogue between Russian companies and foreign investors. This year's forum, which was held on the 7th and 8th, was held under the theme "Life without Globalization: The Union of Sovereign Economies".