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Russian-Chinese trade may exceed $100 bln in 2018

November 05, 2:52 UTC+3 MOSCOW

Last year, the trade turnover increased by almost a third and reached $87 billion

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MOSCOW, November 5. /TASS/. Russian-Chinese trade may exceed $100 bln in 2018, First Deputy Head of the Russian Government Office Sergei Prikhodko told reporters, commenting on Prime Minister Dmitry Medvedev’s visit to China, scheduled to take place on November 5-7.

"Bilateral trade has been growing steadily," he said. "Last year, it increased by nearly one-third, reaching $87 bln. Statistics concerning the first months of the current year show that the upward trend remains in place… Russian-Chinese trade is expected to exceed $100 bln by the end of the year," Prikhodko added.

Energy supplies

The upcoming Russian-Chinese talks’ agenda particularly includes cooperation in the energy sector. In 2017, Russia became the largest oil supplier to China. Work is underway to increase the capacity of the Russian-Chinese oil pipeline, the construction of a gal pipeline continues according to schedule.

China also actively participates in a project to build an LPG plant project on Russia’s Yamal Peninsula. The plant’s first phase has already opened and the implementation of long-term contracts on regular LPG supplies has begun.

Nuclear energy cooperation

Russia and China also broadly cooperate in the peaceful use of nuclear energy. Joint projects in this field will also be discussed at talks set to be held during Medvedev’s visit.

On July 8, the two countries signed seven documents concerning nuclear energy cooperation, which particularly include a framework contract on the construction of the seventh and eighth units of the Tianwan Nuclear Power Plant, a contract for the construction of the VVER-1000 water-water power reactors at a new Chinese facility and an intergovernmental agreement on the construction of a CFR-600 demonstration fast neutron reactor in China.

"The implementation of these agreements will lay the foundation of a long-term and mutually beneficial partnership in the nuclear energy sector," the Russian government said in a statement.

Joint projects

The Russian cabinet’s press service also pointed to progress in joint aviation industry projects. "The practical development of a wide-body long-range aircraft has begun, commercial talks on the distribution of responsibilities and the level of participation in the development of an advanced heavy helicopter," the statement added.

In addition, Russia and China have been increasing agricultural cooperation. Barriers hindering the export of some Russian grains and oilseeds.

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