(Bloomberg) — China's top envoy to Russia urged Chinese businessmen in Moscow to seize the economic opportunities created by the crisis, a strategy that could help soften the blow of international sanctions.
Ambassador Zhang Hanhui told a dozen local business heads on Sunday not to waste time and “fill the gap” in the local market, the Confucius Association for the Promotion of Culture of Russia said in its official WeChat account. While the summary did not mention sanctions or compliance with sanctions, Zhang described the situation as an opportunity.
“The current international situation is complex. Large companies face major challenges or even disruptions in supply chains,” said Zhang, according to the publication, which included photos from the meeting. “This is a time when small and medium-sized private enterprises could play a role.”
Chinese Foreign Ministry spokesman Wang Wen Bin said at a regular briefing Tuesday in Beijing that “China and Russia have been conducting mutually beneficial cooperation in economy and trade,” without acknowledging the ambassador's meeting in Moscow. The Chinese embassy in Moscow and the Confucius Association for the Promotion of Culture of Russia did not immediately respond to requests for comment.
President Joe Biden warned his Chinese counterpart, Xi Jinping, in a call Friday of unspecified “implications and consequences” if Beijing supports Vladimir Putin's invasion of Ukraine. Japan, the European Union, the United Kingdom and others have joined a U.S.-led sanctions campaign against Russia in an effort to isolate the Putin regime and bring the war towards a resolution.
While China denounced the sanctions and pledged to maintain “normal trade relations” with Russia, so far major Chinese companies appear to be complying with the sanctions.
Alicia Garcia Herrero, chief economist for Asia Pacific at Natixis SA, said she doubted that the drive to engage smaller Chinese companies in Russia would be successful. “Navigating sanctions is the same for everyone,” he said. “I think these small private companies will hear the message, but they will be very reluctant unless they see the larger companies backed by the Chinese state moving forward.”
Zhang said the Chinese government was finding ways to adapt to logistics and payment challenges in the “new situation”, in an apparent reference to the sanctions regime. The Chinese envoy gave unspecified examples and advised attendees to “adapt” to the new reality as soon as possible.
Original Note:
Beijing Tells Chinese in Russia to Help Fill Economic Void (1)
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