China has been Russia’s largest trade partner for eight consecutive years

China-Russia's largest trade partner for eight consecutive yearsJul. 11 – China has been Russia’s largest trade partner for eight consecutive years, with bilateral trade increasing by one third to $87 billion last year. As the trade volume reached $32 billion in January-April 2018, it is expected to exceed $100 billion for the whole year. Russia would continue to be dedicated to exploring the full potential of Russian-Chinese inter-regional and cross-border cooperation.

China-Russia Expo Sees Big Enthusiasm for Regional Cooperation

A number of documents were signed at the end of the forum, including a document on the establishment of a China-Russia science and technology cooperation alliance and a cooperation agreement between Chinese and Russian engineering colleges. As the highest-level and largest comprehensive exhibition held by the two countries, the China-Russia Expo has played an important role in enhancing trade and economic ties as well as exploring regional and business cooperation. “China and Russia have entered an important period for their national development and rejuvenation. With highly compatible development programs, regional cooperation is very promising,” Chinese Vice Minister of Commerce Gao Yan said. As bilateral trade continues to grow rapidly, mutual investment is expanding, and large-scale strategic projects in the fields of energy, nuclear power, aerospace and infrastructure are being steadily advanced, she said.

Importers Told to Look to Belt and Road as a New Source of Imports

China has been the world’s second-largest importer for nine consecutive years, and also China has been Russia’s largest trade partner for eight consecutive years. Companies should “look to Belt and Road countries as a new source of imports, strengthen strategic cooperation, and increase imports of high-quality products that meet the needs of upgraded domestic consumption in order to expand the scale of trade,” according to the State Council notice. From January to May, China imported 1.1 trillion yuan in goods from countries involved in the Belt and Road Initiative, an increase of 15.1% year-on-year, and 3.4 percentage points higher than the overall growth rate of imports, according to a representative from the foreign trade department of the Commerce Ministry in a statement (link in Chinese) released on Tuesday. The State Council notice also called for supporting imports of products closely tied to people’s daily lives such as everyday consumer goods, medicine and senior-care products. China has been the world’s second-largest importer for nine consecutive years.

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