According to Chinese media Guancha.cn, Russian President Vladimir Putin stated on the 1st at the Valdai Club debate, an international expert conference held in Moscow, that "the European automobile industry is in a serious crisis" and "we will all soon switch to Chinese-made cars."

Putin added, "What is happening to the European automobile industry? It is in a serious crisis. Factories are probably being closed. We will all soon switch to Chinese-made cars." He then added, "I don't know if that's a good thing or a bad thing, but [Chinese-made cars] are inexpensive and high quality."

Furthermore, he rejected Western countries' criticism of "overcapacity" in China's automobile industry and reaffirmed the basic market principle that the ultimate outcome is always determined by consumer demand.

He also pointed out that "it is not only the European automobile industry that is in a serious crisis and difficulties. Europe's metallurgical and related industries, as well as its chemical and pharmaceutical industries, are likewise."

Mr. Putin stated that, unlike the so-called "civilized countries," Russia fundamentally refuses to impose administrative restrictions or sanctions on Chinese manufacturers, adding, "From Russia's perspective, we are more inclined towards exploring mutually beneficial opportunities together with Chinese partners to steadily increase the volume of imports in the domestic market."