by That [refers to data in the article] represents a geopolitical point of no return of sorts, the moment when China’s economic dependence on the United States in particular and developed markets in general slipped behind its economic standing in the developing world.Global economic growth is now coming from the Global South/East as these countries develop. China is in a position to capitalize (pun intended) on this trend, which appears to be long term owing to lower costs than prevail in the developed countries. China is the largest market globally and also the "world's factory," covering both supply and demand. (See Dean Baker, China is Bigger, Get Over It.) Asia TimesChina’s exports shifting from West to Global SouthDavid P. GoldmanSee alsoChina is now the leader in refining capacity,
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That [refers to data in the article] represents a geopolitical point of no return of sorts, the moment when China’s economic dependence on the United States in particular and developed markets in general slipped behind its economic standing in the developing world.
Global economic growth is now coming from the Global South/East as these countries develop. China is in a position to capitalize (pun intended) on this trend, which appears to be long term owing to lower costs than prevail in the developed countries. China is the largest market globally and also the "world's factory," covering both supply and demand. (See Dean Baker, China is Bigger, Get Over It.)
China is now the leader in refining capacity, overtaking the United States last year, with 18.4 million bpd in total. This will grow further this year, cementing it at the number-one spot.
The Russian proposal to make use of its vast export earnings out of oil sales to India by investing the funds in manufacturing industry in India for export to Russia; the deal on adopting the Russian financial messaging system for cross-border payments; the acceptance of Indian Ru-Pay cards and UPI in Russia and Russia’s MIR cards and Fast Payments System in India; the operationalisation of the Maritime Corridor connecting Vladivostok and Chennai — these testify to the keenness of both countries to put in place the necessary underpinnings for a massive expansion of the Russian-Indian trade and economic ties in the very near future.…
Bilateral trade has crossed $45 billion — something unthinkable until Russia turned its back on the West and began pressing the pedal on alternative partnerships in Asia to replace the European partners....
Russia is also a chief arms supplier to India with no strings attached. Russia and India also have entered into joint ventures in weapons development and are discussing others.
India PunchlinePivotal moment in India-Russia relations
M. K. Bhadrakumar | retired diplomat with the Indian Foreign Service and former ambassador