A Quote by Vladimir Putin
Sanctions have nothing to do with this [relations with the People's Republic of China]. The decline in our mutual trade has objective causes, which are the energy prices and the exchange rate difference. But the physical volumes have not decreased, quite the opposite actually. They are growing.
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The sanctions have nothing to do with our relations with China, because our relations with the People's Republic of China are at an unprecedented high both in terms of their level and substance. They are what we call "a comprehensive partnership and strategic cooperation".
The U.S. berates China for its exchange rate policy, which Washington doesn't like. But one-sided pressure on China to change its exchange rate is misplaced.
As to our trade and economic relations with China, they are growing more and more diverse each day, something we have worked on for a long time with our partners from China.
Although economists have studied the sensitivity of import and export volumes to changes in the exchange rate, there is still much uncertainty about just how much the dollar must change to bring about any given reduction in our trade deficit.
Concerning our possibilities on the international financial markets, the sanctions are severely harming Russia. But the biggest harm is currently caused by the decline of the prices for energy. We suffer dangerous revenue losses in our export of oil and gas, which we can partly compensate for elsewhere. But the whole thing also has a positive side: if you earn so many petrodollars - as we once did - that you can buy anything abroad, this slows down developments in your own country.
During the 1999 debate over Permanent Normal Trade Relations with China President Bill Clinton said, 'In opening the economy of China, the agreement will create unprecedented opportunities for American farmers, workers and companies to compete successfully in China's market. WRONG: Our trade deficit with China has increased from $83 billion in 2001 to a record breaking $342 billion in 2014.
I'll also make sure that America has trade relations with China that work for us. I've watched year in and year out as companies have shut down and people have lost their jobs because China has not played by the same rules, in part by holding down artificially the value of their currency. It holds down the prices of their goods. It means our goods aren't as competitive and we lose jobs. That's got to end.
Ronald Reagan, when he was campaigning for President, said that he would break relations with Communist China and re-establish diplomatic relations with Taiwan. But when he got into office, he pursued a very different policy of engagement with China and of increasing trade and business ties with China.
A nation's exchange rate is the single most important price in its economy; it will influence the entire range of individual prices, imports and exports, and even the level of economic activity. So it is hard for any government to ignore large swings in its exchange rate.
We handed over nothing, those territories [Tarabarov Island to China] were disputed and we have been negotiating this issue with the People's Republic of China, let me stress that, for 40 years, and finally managed to come to an agreement. One part of the territory was assigned to Russia, while another part - to the People's Republic of China.
Why are oil prices so low? First, energy consumption growth rates in developing markets have decreased. This is particularly noticeable in China. Second, new technologies are being developed and the shale gas revolution in the USA has taken place
What private property does is connect effort to reward, creating an incentive for people to produce for more. Then, if there's a free market, people will trade their surpluses to others for the things they lack. Mutual exchange for mutual benefit makes the community richer.
The message from history is so blatantly obvious - that free trade causes mutual prosperity while protectionism causes poverty - that it seems incredible that anybody ever thinks otherwise. There is not a single example of a country opening its borders to trade and ending up poorer.
China is our largest trading partner in Asia. The normalization of our relations will create major opportunities for Norwegian businesses and for job creation. We also hope to resume negotiations on a free trade agreement with China.
If a country is an attractive place for foreigners to invest their funds, then that country will have a relatively high exchange rate. If it's an unattractive place, it will have a relatively low exchange rate. Those are the fundamentals that determine the exchange rate in a floating exchange rate system.
The United States will not tolerate the P.R.C.'s (People's Republic of China) violations of our sovereignty and intimidation of our people, just as we have not tolerated the P.R.C.'s unfair trade practices, theft of American jobs and other egregious behavior.
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