Mutual trade between Russia and China may reach historic highs this year

Russian Minister of Economic Development Maxim Reshetnikov on Tuesday, September 28, during his working trip to Yuzhno-Sakhalinsk, held the 24th meeting of the Russian-Chinese Subcommittee on Trade and Economic Cooperation. The Chinese delegation was led by the country’s Minister of Commerce Wang Wentao.

As the head of the Ministry of Economic Development noted, despite the pandemic, Chinese companies continued to implement projects in Russia and launched new ones. “This is an indicator of confidence in the Russian economy,” he stressed. For example, over the past year and a half, an automobile plant was built in the Tula Region, a joint production of KamAZ and WEICHAI engines was created in the Yaroslavl Region, and a logistics complex in the Moscow Region. As part of the work of the subcommittee, restrictions on the development of trade and investment were removed, including the permitted supply of Russian beef to China.

“We are determined to increase the pace of cooperation with China, one of the key trade partners and investors,” confirmed Maxim Reshetnikov. That is why the Ministry of Economic Development and Trade will send four of its representatives to China in the coming year, who will work in the Russian trade mission and promote cooperation through the ministry, he said.

According to the minister, the mutual trade turnover did not decrease so much during the crisis, and since January of this year it has already grown by almost a third. “By the end of the year, there is every chance of reaching a historic maximum,” he said.

On behalf of the leaders of Russia and China, the Ministry of Economic Development and the Ministry of Commerce developed a Roadmap for increasing trade in goods and services to USD 200 billion by 2024, which reflects promising areas, systemic measures and investment projects. The head of the Ministry of Economic Development expressed support for the initiative of the Chinese side to prepare two interdepartmental memorandums – on deepening investment cooperation in the field of digital economy and sustainable development. These documents will be proposed for signing at the upcoming meeting of the heads of government of the Russian Federation and the PRC at the end of November this year.

At the meeting of the subcommittee, specific issues of bilateral trade were considered, including those related to the early restoration of supplies of Russian fish products to the PRC in the traditional for the industry “dock-like” volumes, ensuring uninterrupted supplies of export cargo passing through road and rail checkpoints on the Russian-Chinese border, and also expanding cooperation in the field of trade in agricultural products and food. “We are interested in the implementation of new large projects – the first Russian-Chinese insurance company, the construction of additional capacities of the terminal for receiving and transshipment of liquefied hydrocarbon gas and propylene in Manchuria,” said the head of the Russian Ministry of Economic Development.

The ministers exchanged views on issues of interaction in multilateral formats (G20, SCO, BRICS