Executive Intelligence Review
Subscribe to EIR


Putin: The BRICS Are ‘The Future Leaders of the World Economy,’ and China ‘Remains the Locomotive of the World Economy’

July 11, 2015 (EIRNS)—In a press conference at the conclusion of the BRICS and SCO summits—held in Ufa, Russia July 8-9 and July 9-10, respectively—Russian President Vladimir Putin was forceful about the role of the BRICS in shaping the future of the world economy:

"[The BRICS countries] are powerful states with a strategic prospect of development. They are leaders—the future leaders of the world and the global economy. Look at their human and natural resources and potential; look at their growth rates. So I’m confident that new instruments of cooperation will appear. They will have a favorable influence on the citizens of our countries, and we’ll live in a world that will be more balanced, more safe and prosperous."

Like his colleague President Xi Jinping of China, Putin offered cooperation to the West:

"We’ll use all instruments of cooperation with all countries, including the United States and European and Asian states. Naturally, we’ll primarily develop relations with those countries that want to cooperate with us."

In response to a question about China’s recent stock market crash, Putin stated:

"We discussed this issue with the Chinese President. Chinese authorities are not overly concerned, and I agree with the Chinese point of view that bulls have been acting too confidently—even overconfidently—and now we are seeing a downward correction. The recent data show that there has been a minor rise, so there is nothing unusual about this situation. I think that China remains the locomotive of the world economy."

On July 9, Lyndon LaRouche had responded to a similar question during his national "fireside chat" with activists:

"China’s main function is fine, and this little sidelight there—not really tiny, but otherwise a sidelight—had a problem where there was some speculation going on... China’s policy generally, in the larger part, is intact... China is really a driver of the international processes today."

Putin also used his press conference to put the difficulties of BRICS member Brazil in perspective:

"All countries have economic problems... Everyone knows what is happening in Europe: an economic slowdown and a Eurozone crisis over Greece. The growth rate in the United States has slowed too, and it’s a well-known fact that its sovereign debt is larger than its GDP... This is a serious problem not only for the United States but also for the global economy."

"As for Brazil," Putin continued,

"its problems are mostly rooted in the economy. I think that our Brazilian colleagues know they need to reorient themselves toward new development incentives and to resume growth. As always happens in the world, the opposition is using these difficulties to their advantage—this is one of the ‘golden’ rules of the political stage. I believe, and have no doubt, that Brazil will overcome these problems and resume a path of sustainable development."