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  Sunday, October 20, 2019
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Excessive government regulation of the national economy may hurdle entrepreneurial initiative
Excessive government regulation of the national economy may hurdle entrepreneurial initiative, the President of Russia has pointed out. Speaking at the St. Petersburg Economic Forum Tuesday, Vladimir Putin cautioned against over-regulation, but said that the government should not shun away from economic sectors where its presence is needed, such as transport infrastructure and defense. He then went on to say that although every country decides for itself which way its economy shall go, meaningful discussions and expertise sharing could benefit all. President Putin also raised the issue of the Russian economy's place in the world system of labor division. "Today, Russia is a highly powerful exporter of raw materials, which are an enormous natural asset of ours. And then again, the production and primary processing of raw materials may well evolve into a high-tech sector. But the efficient use of natural resources is just one of the many prerequisites for steady economic growth, and [preoccupation with] it may even divert [our] attention from addressing key developmental problems," the Russian head of state pointed out. Identifying top economic policy priorities, Putin singled out structural reform and, by extension, the creation of production units that would turn out high-quality goods in demand on the market. The national economy's competitiveness depends on the competitiveness of each and every individual company and product, he emphasized
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