Russian authorities regard the integration of the Russian and Chinese financial markets as a priority, a new development strategy of Russia’s financial market states.
“The priority area is the development of integration with Asian markets, primarily with the Chinese financial market. With the assistance of the Bank of Russia, work will continue to develop interaction between the Russian and Chinese financial markets,” the document, published on Monday by the Cabinet of Ministers and the Central Bank, reads.
Also on DG News:
Russia & China continue ditching US dollars in settlements in favor of national currencies
It outlines Russia’s market strategy up to 2030 and sets a goal of forming an independent Russia-Chinese infrastructure to facilitate access for both Russian and Chinese investors and issuers to the securities and capital markets of the two states. The strategy also aims to increase the share of national currencies in mutual settlements.
At the same time, the document emphasizes that Russia will seek to develop financial market interaction with other Asian countries besides China.
Also, in order to increase the role of Moscow as an international financial center, it outlines plans to ease the work of Russian financial intermediaries with foreign issuers and investors. Authorities seek to create favorable tax conditions for foreign investors, including in the field of remote identification, and to simplify the issue of securities in Russia by foreign issuers.
Russia has come up with an officially issued financial market strategy for the first time, Deputy Finance Minister Alexey Moiseev said at a press briefing on Monday. The strategy covers a broad range of areas, including consumer rights protection in the financial services sphere, digitalization, regulation of the insurance market and investors’ social responsibilities.
“This document will complement the main directions of development of the financial market, which essentially determine the tactics. And the strategy determines the directions that the state will promote in the financial market over the coming decade,” Moiseev said.
For more stories on economy & finance visit RT’s business section