Russia pledges to limit state role in economy

Russia must limit the role of the state in its booming economy and make protection of private property its number one priority, a top member of Prime Minister Vladimir Putin's government said on Sunday.
First Deputy Prime Minister Igor Shuvalov told foreign investors in a keynote speech that Prime Minister Vladimir Putin had already approved a decision to cut the number of strategic enterprises controlled by the state. "We don't have a goal of increasing state involvement (in the economy) nor especially a goal of increasing the role of bureaucracy," Shuvalov told the St Petersburg Economic Forum, Russia's top annual event for foreign investors. Foreign investors have listed the weak rule of law in Russia and rampant corruption as their top concerns and Shuvalov addressed this worry.