Russia-China relations key stabilising factor during world order transformation - Minister

BEIJING: Relations between Russia and China are a key stabilising factor during the period of the transformation of the world order and the formation of a new architecture, Russian Finance Minister Anton Siluanov said on Tuesday, reported Sputnik/RIA Novosti.

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Russia and China see their financial systems as stable and key to shaping a new global order amid Western pressure.
They've shifted nearly all trade settlements to yuan and rubles, reaching a record US$245 billion in bilateral trade last year.
Both countries oppose the confiscation of sovereign assets, calling it a threat to global financial stability.

"Over the past years, Russian-Chinese relations have accumulated significant strength and a substantial foundation for future development. Interaction between our countries is a key stabilising factor during the transformation of the global order and the formation of a new architecture, including the financial one," Siluanov said at the 11th Russian-Chinese Financial Dialogue in Beijing.

Additionally, the minister said that the destructive policy of Western countries attempting to maintain leadership through sanctions has demonstrated its ineffectiveness.

The economic and financial systems of Russia and China have proven their stability, added Siluanov on Tuesday.

"Our economic and financial systems have proven their resilience. Our economy grew at a rapid pace in 2023-2024 and is now gradually moving towards a trajectory of balanced, sustainable economic growth."

Despite the suppression of Russian and Chinese economies by Western countries, the two countries' foreign trade is developing, the finance minister said, adding that Last year, bilateral trade reached a record high of US$245 billion.

"We [Russia and China] have almost completely switched to using national currencies for settlements, 99.1 per cent of settlements are in yuan and rubles," Siluanov said.

Russia and China need to maintain the stability of their bilateral financial infrastructure and develop new reliable payment channels, the minister added.

Both countries are convinced that the confiscation or blocking of sovereign assets without the owner's consent destabilises the global financial system, according to a communique following the 30th regular meeting of the heads of government of Russia and China.

Russian Prime Minister Mikhail Mishustin arrived in China on Monday for a two-day visit. On Monday, the Russian Prime Minister, together with Chinese Premier Li Qiang, participated in the 30th regular meeting of the heads of government of Russia and China, and a joint communique and a number of other documents were signed.

"The confiscation, blocking, or any other use of sovereign assets without the owner's consent grossly violates the basic principle of sovereign equality of states and destabilises the global financial system," the communique states.

--BERNAMA-SPUTNIK/RIA NOVOSTI