Sechin assessed China's industrial might

The only industrial superpower today is China. This was stated by Igor Sechin, Executive Secretary of the Presidential Commission for the Development Strategy of the Fuel and Energy Complex, Chief Executive Officer of Rosneft, during a speech at the opening ceremony of the VII Russian-Chinese Energy Business Forum.

"Providing 35% of global industrial production, China is, in fact, the only industrial superpower today," Sechin said.

The head of Rosneft drew the audience's attention to the fact that today the dependence of American manufacturing companies on Chinese components is three times higher than the dependence of Chinese companies on the United States. "But twenty years ago it was the other way around," Sechin stressed.

As the Russian entrepreneur pointed out, this result was made possible thanks to the consistent and far-sighted policy of the Chinese leadership. Sechin recalled that one of the main tasks of China's 15th five-year plan is to create conditions for building a "socialist modernized state" by 2035, which implies a doubling of GDP.

It allows you to take advantage of the advantages of a planned and market economy at the same time. "Thanks to this synergistic effect, China can maintain an outstripping economic growth rate of about 5% per year. Obviously, such a development trajectory will require further growth in energy consumption," Sechin said.

Sechin also noted as an important priority of China the development of "new-quality productive forces," which should be accompanied by the formation of "emerging industries and industries of the future."

The head of Rosneft noted: "China has already become a world leader in scientific publications in many technological fields. In terms of their number, the country is ahead of both the United States and the European Union. In addition, China ranks first in the world in terms of the number of active patents for inventions."

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