icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm

E-commerce may be the driver for expansion of Russian businesses in China

E-commerce may be the driver for expansion of Russian businesses in China
Online retailers can help Russian companies to expand their presence in one of the biggest consumer markets in the world, China, according to Russia’s trade representative in the country.

“Russia’s small- and mid-sized businesses should not fight their way to the Chinese market separately,” Sergey Iniushin told Russian media earlier this week. “The future belongs to the expansion of Russia’s presence on the Chinese market with the help of large e-commerce operators.”

He added that retailers could develop logistics in China and supply Russian products.

Also on rt.com Coronavirus isn’t stopping trade between Russia & China

Chinese e-commerce giant Alibaba could be one of the main drivers to enhance business cooperation between the two countries. According to the trade representative, Moscow is in close contact with the conglomerate, and is trying to encourage Chinese operators to boost shipments from Russia to China. 

Last year, Alibaba launched a joint venture with Russia’s sovereign wealth fund, IT company Mail.ru Group and one of the leading domestic mobile operators, MegaFon. Announcing the deal, the head of the Russian Direct Investment Fund (RDIF) Kirill Dmitriev said that it will allow Russian suppliers to reach 1.5 billion customers in China and globally.

Also on rt.com Russia to buy $1.5 billion worth of pipes to develop Arctic projects & pump gas to China

Iniushin also called for the creation of “a full-fledged Russian bank” in China against the backdrop of growing trade turnover between the two countries, which surpassed $110 billion last year. As Moscow and Beijing are planning to double the volume of trade over the coming years, it is necessary to have a structure to conduct mutual settlements and solve related issues, the official said. 

“A Russian bank like that will also have the functions of providing support to clients, it will help the participants of international economic activities,” the trade representative noted. “It is possible that in the near future we will see both a Russian bank and a Russian retail chain in China.”

For more stories on economy & finance visit RT's business section

Podcasts