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China, Russia trade cooperation strengthened in 2019

March 25, 2020


Abstract : China and Russia, two great powers in the world, have long been tied up by mutual trust.

BEIJING, March 25 (Xinhua) --China and Russia, two great powers in the world, have long been tied up by mutual trust.

The two countries have extended close exchanges and cooperationfrom politics to economic, technological and cultural sectors. Deepening bilateral trade cooperation has become an inevitable trend for the benefits of both countries and their peoples.

Good diplomatic relations have laid a good foundation for trade cooperation. From 2000 to 2014, the two countries saw bilateral trades thriving and growing. By 2018, China had been Russia's largest trade partner for eight consecutive years.

In terms of trade structure, China and Russia complement each other with respective resource strengths. Russia is stronger in petroleum, coal, aviation and military industries.

China is stronger in home appliances, agricultural products, garments and other primary processing industries. The complementary advantages in product structure have helped the two countries develop and deepen the bilateral trade.

China and Russia hailed a great leap forward in the bilateral trade in 2018, with trade volume topping USD100 billion.

On the 70th anniversary of China-Russia diplomatic relations in 2019, the two countries' economic cooperation entered a new stage featuring all-directional, multi-layered and wide-ranging bilateral trade pattern thanks to their favorable strategies. The trade between the two countries kept improving in quality and structure and increasing in quantity.

2020-2021 is defined as the “Year of China-Russia Technological Innovation”.

Aiming to reach USD200 billion trade volume, both governments will push ahead pragmatic cooperation in all sectors, build higher-level closer economic and trade relationship, and add more contents to China-Russia comprehensive strategic partnership in the new era.

(Edited by Bao Nuomin with Xinhua Silk Road, baonuomin@xinhua.org)

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Keyword: China-Russia

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