Very good, and informative interview. As a reader, I appreciate such in-depth information. I have one comment, though. The statement:"... China possesses its own domestic engine to put the new growth in motion, and an appropriate lever to handle its recovery, a large banking system. Unfortunately, the only significant advantage that Russia has is its reserve cushion. But even this advantage is difficult to apply effectively: the banking system lags substantially behind a bunch of large, mainly state-controlled corporations that form the backbone of the national economy. " True, disproportions cannot be addressed in a short term. However, it would be worthwhile to mention that China did not create their own domestic engine by their large banking sector. In fact, the large banking sector is only the consequence, not the cause, of Chinese domestic or export engine. The fundamentals of Chinese ability to save and reinvest lies in the private-public partnership practice that insures that public assets are always treated as an investment when working with a private entity for profit. Simply put, no free money for private sector. Public corporations bring to the private partnership a great value, not only in hard assets, but in soft as well, consulting, translations, regulation navigating, etc. All this is a cost of doing business, and part of the formula for profit sharing. This is how China accumulated wealth to reinvest in infrastructure and social arenas. Private investors made good profit --- not obscene profit --- and Chinese banking sector is the by-product.