Russia and EY

Ernst Young: The survey was carried out in May and polled the heads of 142 Chinese firms with average annual turnovers of more than $33 million, according to The Moscow Times. To surmount this barrier, Russia must provide "market transparency and educate foreign investors on local rules and regulations as well as business practices," EY regional managing partner in China, Albert Ng, was quoted as saying in a press release. According to the report by international audit group Ernst & Young , 91 percent of major Chinese companies see Russia as an attractive market, but 67 percent say they do not know enough about the market. Over the past year Russia has trumpeted a pivot to Asia as ties fray with the West over Moscow role in the Ukraine crisis. But, while 61 percent of respondents in EY survey said they planned to invest in Russia in the next five years, few seemed to know what they were getting into. China is the keystone of this strategy, with a massive transnational gas pipeline announced last year and a plan declared to boost annual trade turnover with China to $100 billion by the end of this year. (news.financializer.com). As reported in the news.