Great Wall Street. How China strengthens financial sovereignty abroad

The Chairman of the PRC Xi Jinping, whom Vladimir Putin met the other day in Beijing, invited the Russian colleague to "strengthen mutual political support for the protection of sovereignty." A significant part of the problem is financial markets, the sphere in which the West is still dominated by the general oversight, leaders are convinced. Putin believes that Russia needs to “strengthen financial sovereignty”, and calls not to trust the statements that “finances <...> will always be out of politics, which we often heard from the outside.”

Therefore, in Moscow, they still do not lose hopes to create an international financial center, in the event of a disconnection from SWIFT, they have developed their analogue of the global interbank service, and state employees and pensioners instead of Visa and MasterCard are transferred to the map of the MIR National Payment System.

Russia here follows in the footsteps of China, where the construction of financial institutions to replace the Western reached an impressive scale and is listed among the central points of the subpoena of the party and government. James Kinj, author of the famous book “China Shakes The World: Titan's Rise and Trubled Future”, wrote about influential financial organizations in the country ten years ago, which worked “in conditions of full or close to it of a monopoly” and “had serious intentions to take a chance abroad”. Let's see how many have been achieved since then.

Chinese banks and funds

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