Sino-Russian trade grows to record levels

Chinese envoy says economic ties bloom despite multiple challenges

Economic and trade cooperation between China and Russia is continuing to advance despite multiple challenges and pressures, Chinese Ambassador to Moscow Zhang Hanhui said.

Notwithstanding the COVID-19 pandemic, complex international situation and weak global economic recovery, trade between the two nations hit a record high $190.27 billion last year, Zhang said in a recent joint interview with Chinese media.

According to Zhang, energy has played a pivotal role in bilateral trade, while China’s exports of mechanical and electrical products, automobiles and auto parts to Russia have all seen substantial growth.

The proportion of settlements in local currencies continues to grow, with Russian banks extensively carrying out renminbi business, he said.

Noting that subnational cooperation between the two countries has been deepening, Zhang said that institutions and enterprises from both sides have participated in the China International Import Expo, the China Import and Export Fair (also known as the Canton Fair), the Eastern Economic Forum and the St. Petersburg International Economic Forum, helping unleash the cooperation potential.

The Heihe-Blagoveshchensk cross-border highway bridge, the

Tongjiang-Nizhneleninskoye crossborder railway bridge and other boundary bridges have opened to traffic, and cross-border logistics and transportation channels have been further expanded, he said.

Following China’s optimization of its COVID-19 response measures, customs clearance at ports of both countries has gradually returned to the pre-pandemic mode, ensuring smooth flow of goods and personnel between the two sides, Zhang said.

“In the first two months of 2023, bilateral trade sustained strong growth momentum, reaching $33.69 billion, up 25.9 percent yearon-year, which is a good start,” he said. “It demonstrates once again that the foundation of bilateral economic and trade cooperation remains solid.”

“We believe that China-Russia trade will reach new heights in 2023, and we will strive to achieve the annual trade target of $200 billion set by the two heads of state,” he said.

People-to-people cooperation has always played an important role throughout the history of the development of China-Russia relations, the envoy said.