BEIJING, Sept. 16 (Xinhua) -- The China-Russia Economic and Trade Index Report (2020) was officially released by the China Economic Information Service (CEIS) on Wednesday.
The report, starting with the development of China-Russia trade, has accurately reflects the trade volume between China and its regions with Russia in an all-round and multi-level manner, and scientifically monitored the development level and trend of bilateral trade via the establishment of a quantifiable index system.
According to the index evaluation result, China-Russia trade index showed a steady upward trend in 2019, up 12.66 percent from that in 2018.
The monthly China-Russia economic and trade index shows that although global trade has shrunk sharply under the impact of the COVID-19, China-Russia bilateral trade has generally maintained an increase trend, reflecting the great resilience and potential of bilateral economic and trade cooperation.
Based on the trade complementarity index, among China's exports to Russia, the products with strong trade complementarity are finished products classified by raw materials, machinery and transportation equipment, and miscellaneous finished products, including food, textiles, steel, machinery, automobile, clothing and so on. Among Russia's exports to China, non-edible raw materials, fossil fuels and lubricants are highly complementary.
The intra-industry trade index reflects that China and Russia enjoy the highest degree of division of labor in food industry, followed by processing manufacturing. The division of labor in consumer goods retail industry is becoming increasingly optimized.
The results fully reflect that the scale and quality of bilateral economic and trade cooperation between the two countries have continuously improved, which has yielded fruitful achievements and boasted a promising future.
Harbin, as the capital city of northeast China's Heilongjiang Province, has inherent geographical advantages in trade with Russia. The release of Harbin City Radiation Index can provide decision-making support for the development of Harbin as a regional center in cooperation with Russia, and serve as a reference for further promoting regional cooperation between China and Russia.
Harbin City Radiation Index closed at 149.46 points in 2019, registering an increase of 13.01 percent year on year.
The first report China-Russia Economic and Trade Index was officially released in June 2019.
CEIS is the main body responsible for the integrated management and operation of economic information business of Xinhua News Agency. "Xinhua Finance," the national financial information platform under CEIS, serves the country's economic development and financial security. "Xinhua Indices," the first and only index service organization in all fields in China, has incubated a number of influential index products in capital market, industry, urban development and brand building. (Edited by Zhang Yuan with Xinhua Silk Road, firstname.lastname@example.org)