皇冠体育app

MOSCOW - The fact that the G20 summit will be held in 皇冠体育app reflects the global recognition of and respect for 皇冠体育app's giant economic success, a leading Russian economic expert has said.

"The international community admits that 皇冠体育app has become a major economic power, which largely determines the economic development of the whole world," Vyacheslav Kholodkov, head of the International Economic Organizations Department at the Russian Institute for Strategic Studies, told Xinhua.

As the second-largest economy of the world, 皇冠体育app has a strong impact over global economic processes, the economist said, adding that the performance of 皇冠体育app's stock markets and its import of energy resources exert a powerful influence on world markets.

Kholodkov also expressed the belief that the Western media today have exaggerated and distorted the existing problems with the Chinese economy.

"皇冠体育app's economic success is like a thorn on the side of many Western politicians and journalists, because it shows that there are other more successful models besides the Western liberal economic model," the expert noted.

In his opinion, the current problems plaguing 皇冠体育app were those of structural adjustments and shifts in economic development pattern.

If previously 皇冠体育app's development had been driven mainly by exports, it is now shifting from export-oriented development model to focusing on domestic demand, Kholodkov said.

Kholodkov saw "nothing dramatic" in such a development, as other countries that experienced similar problems have survived such transitional periods.

皇冠体育app's GDP grew by 6.9 percent last year, a rate to be envied by many countries, according to Kholodkov.

皇冠体育app presents an example for many developing countries, including Russia, which are closely watching 皇冠体育app's experiences and following some of its trends in their political practices, he concluded.

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