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Chinese minister says China-Russia economic, trade co-op at new starting point

11-25-2010 14:57 BJT Special Report:Wen Visits Russia, Tajikistan |

MOSCOW, Nov. 25 (Xinhua) -- As their strategic trust deepens, China and Russia are in constant endeavor to explore new areas and scales of economic and trade cooperation, bringing it to a new historic starting point, Chinese Minister of Commerce Chen Deming told Xinhua on Wednesday.

Chen, who is accompanying Chinese Premier Wen Jiabao on an official visit to Russia from Monday to Wednesday, said the China-Russia trade cooperation has great potential and maintained sound development momentum, and is faced with an unprecedented development opportunity.

The two sides should seize the development opportunity, further improve their trade structure, change their pattern of growth, strengthen investment and economic and technical cooperation, expand cooperation in technological innovation, and constantly explore and nurture new growth points in bilateral cooperation, Chen said.

In the first ten months of this year, trade volume between China and Russia hit 45.1 billion U.S. dollars, up 43.4 percent year-on-year. Trade volume for the whole year of 2010 is expected to exceed 50 billion dollars, rebounding to the pre-crisis level.

The two sides have also expanded mutual investment. So far this year, total mutual investment volume has exceeded 3 billion dollars. In 2009, China's non-financial investment in Russia totaled 413 million dollars, a 73.5 percent growth year-on-year. By the end of 2009, China's accumulative non-financial direct investment in Russia totaled 2.02 billion dollars.

At present, bilateral investment as well as economic and technical cooperation mainly focuses on vital bilateral projects, and next, the two sides should implement the Sino-Russian Investment Cooperation Plan, actively improve the investment environment, and encourage big enterprises and financial institutions of the two sides to expand cooperation in investment and financing, Chen said.

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