US trade war & sanctions open doors for Russian companies in China — Beijing official
The simmering US-China trade war and US sanctions against Russia may become an excellent opportunity for Russian firms, according to the China Overseas Development Association (CODA).
“The past year has become a very important one for Russia and China… Despite geopolitical challenges the countries’ economies keep on growing,” CODA secretary-general He Zhenwei told RIA Novosti on the sidelines of the Russian Investment Forum in Sochi.Also on rt.com Chinese exports surge despite gloomy forecasts as trade spat with US remains unsolved
The official said that Beijing's recent deterioration in relations with Washington had a serious, positive impact on Russia-China cooperation, stressing that the trade turnover between the partners had topped $100 billion last year. He added that the upward trend was especially noticeable in the agricultural sector.
“For instance, export of soybeans from Russia to China grew one-and-a-half times in 2018 and totaled 800,000 tons,” he said. “The growth was boosted by US-China trade war that evoked a sharp deterioration of soy imports from the US.”
According to the official, China is a huge marketplace for Russia’s agricultural produce, including corn, meat, grains, honey and other goods.
“In China we say ‘when God closes doors, he opens a window’,” he said, adding that China has opened its market for Russian producers.
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“Trade war is really bad for China and the US, but it gives a chance, new opportunities for the third parties, and they should take a chance.”
The economist also said that most Chinese enterprises were worried that US sanctions against Russia might cause problems for mutual dollar transactions with Russian partners. However, a total ban on dollar payments holds the possibility for increasing transactions in national currencies, according to He.
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