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. Last Updated: 07/27/2016

U.S. Official's Warning

WASHINGTON -- U.S. Deputy Treasury Secretary Lawrence Summers on Wednesday warned Russia against adopting the Asian model in its efforts to become a capitalist economy.

"In the wake of the Asian crisis, there could be no worse news to come out of Russia than that, after years of throwing off one defunct economic model, it was on the verge of entrenching another questionable one," Summers told the U.S.-Russia Business Council.

Summers said "many have pointed to a so-called Asian approach to government and finance as one better suited to achieve rapid growth in Russia."