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20 Mar, 2018 09:46

China's trade with Russia will soon reach $100 billion

China's trade with Russia will soon reach $100 billion

The volume of trade between Russia and China increased by more than 20 percent last year and is still growing, according to Chinese Prime Minister Li Keqiang.

“We believe that Sino-Russian cooperation in the business sector has huge untapped potential. Trade turnover between our two big economies is currently about $80 billion,” said the head of the government during a press conference in Beijing. He expressed confidence that the trade volume could grow to $100 billion soon.

The prime minister explained that the current situation on the global raw materials market and with world trade as a whole had a negative effect on the two countries’ trade cooperation. Despite that, trade volume between Russia and China has increased by 20.8 percent year-on-year, reaching $84.07 billion in 2017.

“…We must understand that our countries are the largest neighboring states. I am confident that the stable development of relations… and cooperation with Russia is beneficial for both sides and the whole world,” he said.

In 2017, Chinese exports to Russia grew by 14.8 percent, to $42.88 billion; according to data from China’s General Administration of Customs. Chinese imports of Russian goods increased by almost 28 percent, to more than $40 billion. In December alone, trade turnover between the two nations stood at $8.13 billion.

The sides have been steadily expanding economic cooperation and will make additional efforts to increase trade to $200 billion in the coming years, said Russian Prime Minister Dmitry Medvedev. He added that preferential trade rules between the countries are being considered, which would increase the use of the ruble and yuan in settlements.

The two nations have established a Russian-Chinese investment fund worth 68 billion yuan (over $10 billion) to develop trade, economic investment, and scientific cooperation.

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