Russia and China are ready to coordinate their plans in tax legislation, audit and rating agencies, Minister of Finance of Russia Anton Siluanov said, opening the bilateral dialogue between the Ministers of Finance of two countries, which, the same as the meeting of the Ministers of Finance and central banks of BRICS countries, is held on Monday in Shanghai, RIA News reports.
“Russia and China reached a new level of cooperation. In the meantime, we see that there is a potential for development: it is the coordination of our plans and policies in the field of “twenty”, the coordination of our approaches and positions within the framework of the session of BRICS member countries. We see multiple opportunities for strengthening the exchange in terms of financial terms, including the approximation of tax legislation, the audit issues and the issues of rating agencies”, Siluanov said, opening the meeting.
He also said that Russia is ready to work on the implementation of the initiative of China on creation of infrastructure of a new “Silk Road”. “We intend to work towards this direction jointly with the Ministry of Finance and the banks for economic development – I mean – within the framework of the Eurasian Economic Union”, he said.
“In Beijing, we approved voluntary principles of financing this initiative. I am confident that they will serve as the basis for further build-up of our dialog at the level of the Ministry of Finance as well as within the government and the level of our leaders”, the Minister of Finance of Russia added.
“Since our last meeting, the operational activities of our two financial institutions have been launched and are operating thanks to the direct active participation of our ministries. It is the Asian Infrastructure Investment Bank (AIIB) and a New Development Bank (“BRICS Bank”). We are ready to actively consider joint projects of these banks on the territory of our countries. We are interested in activation of operation of these financial institutions directly in Russia. We have proposals, which will be interesting to bank shareholders,” Siluanov added.
The New Development Bank (NDB), headquartered in Shanghai, was created by BRICS countries (Brazil, Russia, India, China and South Africa) in July 2014 for funding infrastructure and sustainable growth projects in its members and other developing countries. In April 2016, the Management Board of NBR approved seven projects, stipulating the provision of funding totaling USD 1.5 billion. This year, the bank plans to approve about 15 projects, totaling USD 2.5-3 billion.
