By 2018 China will be Russian energy’s biggest customer, along with huge trade volume between the two states. So it makes sense for Russia to take advantage of the China’s Union Pay system, Chinese expert, Andrew Leung, told RT.
World trade is expected to grow by 4.7 percent in 2014, more than double the 2.1 percent increase last year, the WTO says. The growth however could be subdued by increasing geopolitical tensions and the slowdown in developing economies, the report warns.
US may stop importing oil by 2037 as abundant domestic crude supplies, including North Dakota’s Bakken field and Texas’s Eagle Ford formation, may push production to the level of consumption, according to the US government.
Europe has no plans to move away from Russian gas, with major energy projects like South Stream expected to remain in place, according to Reiner Hartmann, Chairman of the Association of European Businesses.
The Chinese economy continues to cool, and the World Bank has lowered its 2014 forecast to 7.6 percent growth, down from an earlier 7.7 percent. The global recovery remains shaky as 2014 kicks off with a “bumpy start”.
Japanese consumers stocked up on necessities or splurged on luxury goods before April 1, when sales tax increased for the first time since 1997 from 5 to 8 percent. Tax revenues will help combat deflation and tackle the country’s $10 trillion public debt.
Chinese President Xi Jinping is wrapping up his official European tour. His hosts have pampered the head of state and his 200-strong business entourage as the two economic blocs work towards a multi-billion dollar free trade agreement.