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Russian First Deputy Prime Minister Andrei Belousov said during his meeting with Chinese Deputy Prime Minister Ding Xiang on Monday that the volume of annual trade exchange between his country and China will exceed $200 billion by the end of 2023, and may reach $300 billion by 2030. This statement came during a meeting. China-Russia Intergovernmental Committee for Investment Cooperation held in Beijing.
Belousov pointed out that the two sides had previously planned to reach the level of exchange of 200 billion dollars in 2024, considering that this indicates… Noticeable progress has been made in trade in metals, chemicals, food, equipment and cars between the two countries.
For his part, Chinese Deputy Prime Minister Deng Xiaoxiang said that Beijing and Moscow are ready to facilitate investment cooperation between them.
Ding said during the meeting, “Today we are holding the tenth meeting of the government committee. I would like to summarize with you the activities in the field of investment cooperation between China and Russia over the past year, and discuss the main tasks in the next stage, in order to promote the achievement of new results in investment cooperation between our two countries.”
The Chinese official said that this is his first time serving as co-chairman of the China-Russia intergovernmental committee.
“I would like to establish close working contacts with you and have an in-depth exchange of views on further developing investment cooperation between China and Russia,” Ding added.
The Chinese-Russian Intergovernmental Committee was established in 2014 with the aim of facilitating the implementation of investment projects and reducing administrative and trade barriers between the two countries.
Belousov stated that 95% of all commercial transactions between the two countries are carried out in rubles and yuan.
In the middle of last month, the Russian President expected Vladimir Putin Trade between his country and China will rise to the level of $200 billion by the end of this year, with a growth of one-third compared to 2022.
At the end of last year, trade volume between Russia and China increased by 29.3%, reaching a record level of about $191 billion.
The Russian and Chinese presidents had previously set out to double the volume of trade between the two countries, rising from $100 billion annually, recorded in 2018, to $200 billion by 2024.
China is a major importer of Russian crude oil and gas, which are subject to Western sanctions due to the war in Ukraine, according to trade data between the two countries.
Russia is a major producer of crude oil with a daily average of 11 million barrels under normal conditions, while China is the largest importer of crude oil in the world with a daily average of 10 million barrels.
In recent years, the volume of trade between Russia and China has doubled, and under Western sanctions, Moscow has redirected a large portion of its exports, especially energy, to China, and has also increased its purchases of cars, equipment, and electronics from Beijing.
Experts believe that strengthening cooperation with China will allow Russia to quickly recover from the repercussions of the sanctions, and converting most of the mutual payments to the ruble and yuan would protect transactions from external influence.
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