In 2023, the bilateral trade volume between China and Russia reached $200 billion
Beijing : Top leadership of China and Russia vows to deepen and diversify practical cooperation in economy, trade, energy, and connectivity as Chinese President Xi Jinping , Premier Li Qiang hold bilateral talks with Russian Prime Minister, Mikhail Mishustin, in Beijing on Wednesday.
Russian Prime Minister Mikhail Mishustin is leading the delegation to China.
Moscow and Beijing have almost fully abandoned the dollar in bilateral settlements, said Russian Prime Minister Mikhail Mishustin during his talks with Chinese Prime Minister Li Qiang in Beijing.
In 2023, the bilateral trade volume between China and Russia reached $200 billion, reflecting a robust growth of cooperation.
Russia, China are building a new model of relations between global powers
Russia and China have signed ten bilateral documents following the 28th meeting of the two countries’ heads of government in Beijing on Wesdnesday. The talks were focused on trade and economic cooperation. Moscow and Beijing have almost completely switched to their respective national currencies, the ruble and the yuan, in executing bilateral trade settlements. Meanwhile, ties are growing apace in the areas of energy, commerce and agricultural exports, Izvestia writes.
Relations between Russia and China are progressing steadily and there is currently no reason to expect the trend to change in the foreseeable future, Russian International Affairs Council Program Manager Yulia Melnikova said. The year 2024 will mark the 75th anniversary of diplomatic relations between the Russian Federation (and before it, the Soviet Union) and the People’s Republic of China, and, on top of mutual efforts aimed at boosting trade ties, the countries will hold a number of high-level events to mark the occasion, she added.
“Moscow can and should integrate more actively into transit operations along the China-Mongolia-Russia route. Infrastructure cooperation may serve as a catalyst for investment and trade. There is also a related aspect, which includes efforts to harmonize [standards and procedures between] the Eurasian Economic Union (EAEU) and China, and find a suitable format for preferential cooperation,” Melnikova pointed out. In addition, there is room for Russia-China cooperation in the Arctic, as well as for transport and research cooperation, the expert stressed.
For Russia, “it is only right to enhance ties with China, given the country’s geographical and political situation,” which is why relations have been gaining impetus in the past year-and-a-half, Vladimir Salnikov, head of the real sector department at the Center for Macroeconomic Analysis and Short-Term Forecasting (CMASF), told Vedomosti.
The factors driving the expansion in ties between Russia and China include not only mutual interests but also external global factors that are serving as an inducement for the two countries to stick together, said Yekaterina Novikova, associate professor in the Economic Theory Department at Plekhanov Russian University of Economics. Today, we are witnessing the fragmentation of the global economy, which is being divided into two major alliances, BRICS and the G7, which will try to win over all other countries to their respective sides, the expert explained.
Earlier, the ninth China-Russia Financial Ministerial Dialogue was held in Beijing on Monday, deepen bilateral cooperation in the financial sector for more win-win results, officials from the two sides said on Monday.
Chinese Finance Minister Lan Fo’an said the two countries should continue to strengthen mutually beneficial cooperation in the financial sector, support their financial institutions to carry out services in the other country, and provide support for improving trade and investment facilitation.
