Economics
Putin's Got a New Problem With China
- Russia-China trade down 29% this year, far short of target
- Few deals expected as Putin visits Beijing this week
Putin's China Pivot Faces Trade, Market Test
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As Chinese leader Xi Jinping welcomes Russian President Vladimir Putin to Beijing this week to celebrate the anniversary of the end of World War II, the news on the economic front for the two would-be allies isn’t nearly as positive.
China’s market plunge over the last few weeks has added to the pressure, helping knock the ruble to the lowest levels in months. Growing doubts about China’s economic outlook have hit prices for oil, Moscow’s main export, pushing Russia deeper into recession.