"Building a trust economy" stressed at SPIEF

During this week's Saint Petersburg International Economic Forum, China and Russia have called for efforts to build trust and boost cooperation to tackle international challenges, and establish a strong foundation for sustainable global economic growth.

The key theme of the now-concluded, three-day event in Saint Petersburg is "Building a Trust Economy." 

The forum, which was first launched in 1997, is often referred to as "Russia's Davos."

Addressing the event, Russian President Vladimir Putin stressed that disputes should be handled properly through negotiation rather than sanctions and that trade wars and protectionist measures should be abandoned,

He warned that many of the rules of global trade are currently being undermined.

Russian President Vladimir Putin addresses a plenary session during the 22nd St. Petersburg International Economic Forum (SPIEF) in St. Petersburg, May 25th, 2018. The 22nd St. Petersburg International Economic Forum (SPIEF) opened in St. Petersburg on Thursday with senior officials and business tycoons meeting to seek cooperation. [Photo: Xinhua/Wu Zhuang]

"The multilateral cooperation mechanisms, set up decades ago, have been recklessly changed. Breaking the rules has already become a rule. The openness of markets and fair competition are being gradually replaced by various sorts of expropriation, limitations and sanctions. Some countries have been forced to adapt to it, to react and even to use tit-for-tat measures," said Putin.

President Putin, who was re-elected for a fourth term in March, said that Russia plans to focus on bolstering social security and improving people's livelihood.

"First, we will implement policies focusing on people's welfare, interests and demands. Secondly, we will ensure that people's freedom is guaranteed. Thirdly, we will accept innovative technologies that can improve people's lives and lead the country and the world to a bright future. And finally, we will remain open to the world and actively take part in globalization," said Putin.

China was represented at the forum by Chinese Vice President Wang Qishan. 

During a speech at the event, Wang Qishan said that no single country could cope with today's challenges, nor should countries blame their national problems on others.

He said that the building of a trust economy requires equality, mutual trust, mutual benefit, and inclusiveness, as well as good faith between enterprises, markets, and countries.

Chinese Vice President Wang Qishan (L) delivers a speech at a plenary session of the 22nd St. Petersburg International Economic Forum (SPIEF) on Friday, May 25th, 2018. The 22nd St. Petersburg International Economic Forum (SPIEF) opened in St. Petersburg on Thursday with senior officials and business tycoons meeting to seek cooperation. [Photo: Xinhua/Yao Dawei]

"Mutual understanding is needed to build trust, meaning that all sides must know each other well. Building trust also requires mutual respect, as a prosperous and stable economy can only be achieved through fair consultation, mutual benefit and win-win cooperation. Politicizing economic and trade issues and picking up the stick of economic sanctions at the slightest provocation will gravely impair market certainty," said Wang.

The Chinese vice president added that in order to build trust, all parties need to explore and solve their own problems, and overcome fear, suspicion, and arrogance.

He also called for global unity when it comes to resisting trade protectionism, safeguarding international order and striving for common development through opening up and cooperation.

This year's forum, which concluded on Saturday, was attended by a number of other world leaders, including French President Emmanuel Macron, Japanese Prime Minister Shinzo Abe and International Monetary Fund chief Christine Lagarde.