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China-Russia trade to exceed USD 70 bln in 2011

August 27, 2011, 16:15 UTC+3
The Chinese-Russian trade increased by 37.4% in the first half of 2011 against the same period of the previous year to reach 42.2 billion dollars
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BEIJING, August 27 (Itar-Tass) —— The Chinese-Russian trade will exceed 70 billion dollars in 2011, the Xinhua news agency reported with the reference to the reports from the participants in the 14th meeting of the subcommittee for trade and economic cooperation of the Russian-Chinese committee for organizing regular meetings between the prime ministers of the countries on Saturday.

Chinese Minister of Commerce Chen Deming and Russian Minister of Economic Development Elvira Nabiullina, who chaired the subcommittee meeting, stated that “trade and economic relations between China and Russia mostly overcame successfully the impact of the international financial crisis and embarked on the path of a rapid growth and comprehensive development, and a higher quality and level of bilateral relations is obvious.”

The Chinese-Russian trade increased by 37.4% in the first half of 2011 against the same period of the previous year to reach 42.2 billion dollars and is expected to exceed 70 billion dollars for the first time by the yearend.

“The countries continue the efforts for restructuring and transformation of the model for the growth of trade and economic cooperation, particularly to attain the goal, which the leaders of the countries set for the bilateral trade to reach 100 billion dollars by 2015 and 200 billion dollars by 2020,” the participants in the subcommittee meeting said.

According to the Russian customs statistical reports, Russian-Chinese trade increased by 50.3% in 2010 against the previous year to reach 59.34 billion dollars.

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