Elvira Nabiullina: Review of recent inflation developments in Russia and economic outlook Statement by Ms Elvira Nabiullina, Governor of the Bank of Russia, in the follow-up to the Board of Directors meeting, Moscow, 10 September 2021. * * * Good afternoon, W e have made the decision to raise the key rate by 25 basis points to 6.75% per annum and we hold open the prospect of further rises at the upcoming meetings. Our today’s decision is based on the following. First, the economy is returning to a balanced growth path. Although the pandemic persists, economic activity bounced back to its pre-pandemic levels already in the second quarter of 2021. Moreover, excluding the oil sector where production is still limited due to the OPEC+ agreement, output in the economy has not only recovered, but returned to the trend, to the growth path observed before the outbreak of the pandemic. Employment has restored almost completely. According to July data, the unemployment rate is close to its record lows. In other words, a further development of the economy and output growth will predominantly depend on the growth rate of labour productivity. According to the Bank of Russia’s estimate, taking into account the structural measures implemented by the Government, the pace of such balanced, or potential GDP growth, which is the same, will equal from 2% to 3% annually. Of course, the development of the economy is uneven. The pandemic caused significant changes in the work and everyday life of both households and businesses.
In 2017, Shanghai-Singapore trade amounted to $ 17.5 billion1, an increase of 33.8% from 2016. On the investment front, Singapore has been China’s largest foreign investor for five consecutive years. Shanghai was Singapore’s second largest investment destination in China while Singapore was also Shanghai’s second largest foreign investor in 2017. With growing affluence of Shanghai’s resident population, Shanghai continues to be an attractive investment destination for Singapore companies. b. Similarly, Shanghai companies view Singapore as an important Asian commercial and financial hub as they expand internationally. As of end 2017, there were close to 110 Shanghai companies in Singapore, with more than $ 6 billion in investments2. c. Notably, Singapore Minister for Trade and Industry Chan Chun Sing visited Shanghai  from 4 to 6 November 2018 for the inaugural China International Import Expo (“CIIE”), which allowed Singapore companies to take part in business matching sessions and explore collaborations with Chinese partners to enter and expand into China. d . During Premier Li’s recent visit to Singapore, both sides welcomed the discussion  between Singapore and Shanghai to establish a comprehensive mechanism for cooperation. The new platform will focus on Belt and Road Initiative (“BRI”), modern and financial services, urbanisation and sustainable development, technology and innovation, and people-to-people exchange. This new strategic, progressive and comprehensive platform will expand and deepen China-Singapore engagements.