Putin refutes again: Nonsense! , the West throws out China’s “overcapacity theory”
According to comprehensive Russian media reports, on June 5, local time, Russian President Vladimir Putin met with the heads of international news agencies during the St. Petersburg International Economic Forum event and discussed Russia-China relations and other issues. Putin said it was nonsense for the West to accuse China of "overcapacity in new energy vehicles." He also pointed out that Russia-China relations are not a temporary move, but are based on deep-seated mutual interests.
“The West’s accusations of overproduction of cars in China are nonsense”
According to the Russian Satellite News Agency, Putin said that the West's accusation of China's "overcapacity of new energy vehicles" is nonsense. If the market digests all the cars produced, then there will be no excess.
Putin said: "Those seemingly smart people say that China has overproduction of cars, including electric cars. People who say this think of themselves as 'marketists.' What's going on with them? Don't you know who decides whether there is overproduction?" It’s determined by the market. If China produces a certain number of cars and the market absorbs and buys them all, what kind of production is this?”
Recently, politicians and media in some Western countries, led by the United States, have joined forces to hype the "China overcapacity theory." In addition, the U.S. government also announced that it will impose additional tariffs on Chinese electric vehicles and other products.
Previously, on May 28, local time, Russian President Vladimir Putin refuted U.S. Treasury Secretary Yellen’s “China’s overcapacity theory” at a press conference. Putin believes that the United States’ accusations against China’s automobile industry are “distorting facts.”
"What is overcapacity? If we live in a market environment, the market will regulate whether there is overcapacity. If people buy products and these products are profitable, that means there is no overcapacity," Putin said, " How to force other countries to stop producing various goods? Or through sanctions? This is a disguised use of force, which is how they try to act on a global scale."
On the same day, Putin talked about Russia-China trade and said that the scale of Russia-China trade exceeded expectations and was successfully diversifying.
"The scale of trade exceeds our expectations... We are diversifying our trade and it is very successful," Putin said.
Putin pointed out that although Russia exports oil, natural gas, coal and electricity to China, this does not only involve hydrocarbons and energy.
Data released by the Ministry of Commerce of China show that the bilateral trade volume between China and Russia will reach US$240.1 billion in 2023, reaching the trade target of US$200 billion ahead of schedule. In the first quarter of 2024, the bilateral trade volume between China and Russia was US$56.68 billion, a year-on-year increase of 5.2%, and continued to maintain a good momentum of development. The trade structure continues to improve, and cooperation in emerging areas such as service trade and cross-border e-commerce is gaining momentum.
“Russia-China relations are based on deep-seated interests”
Putin also said that the relationship between Russia and China is not a temporary move, but is based on deep-seated interests. China remains Russia's main economic partner.
Speaking to media representatives, Putin said: "As for bilateral relations, I would like to draw attention to the fact that this is not a temporary move, but is based on deep mutual interests."
Putin added: “You must know that China has been our main economic and trade partner for 15 years. From the time we began to pave the way for the relationship between the two countries and promoted it to today’s level, it was not a temporary political event, but based on deep-seated mutual interests. And developed.”
Putin said that Russia-China cooperation is "very cautious, calm and gradual" and "it should be said that almost everything is going smoothly for us."
