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Russia, China to boost trade, overhaul economic ties - Putin

May 20, 2014, 11:04 UTC+3 SHANGHAI

Russian President Vladimir Putin said he hoped that the increase in quantitative indicators would be accompanied by qualitative changes in trade and economic ties with China

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Xi Jinping (left) and Vladimir Putin (center)

Xi Jinping (left) and Vladimir Putin (center)

© ITAR-TASS/Alexei Druzhinin

SHANGHAI, May 20. /ITAR-TASS/. Russia and China intend to boost their trade turnover and overhaul trade and economic ties, Russian President Vladimir Putin said during talks with Chinese leader Xi Jinping.

The Russian president noted that during one-on-one negotiations, the two leaders had discussed bilateral relations and international issues. "Our countries have carried out tremendous joint work towards reaching a historical landmark: comprehensive partnership and strategic interaction. China is firmly established in its position as our key trade partner," Putin said.

He reminded that Russian-Chinese trade increased by almost 2% approaching $90 billion in 2013. The positive trend continued in the first quarter of this year, with the increase at more than 2%, he noted.

"If we keep this rate, two-way trade will be worth $100 billion by 2015, and we'll move on with confidence," the Russian leader underlined.


Boosting investment cooperation

Putin said he hoped that the increase in quantitative indicators would be accompanied by qualitative changes in trade and economic ties.

To this end, it is necessary to boost investment cooperation. The holding of the first Russian-Chinese EXPO in Harbin this summer is expected to contribute to the fulfillment of this task, the Russian president said.

Russia also invited Chinese friends to become a partner country at the INNOPROM international industrial exhibition, which Yekaterinburg will host in 2015. Putin is confident that in perfecting the structure of mutual trade, it is necessity to emphasize such high-tech areas as civil aircraft-making, aerospace and nuclear power generation.

"Russian-Chinese interaction has become an important factor of international stability," the Russian president said. "Our cooperation at the UN and other international organizations is gaining increasing significance. We'll continue to contribute to the development of regional ties, including within the framework of the Shanghai Cooperation Organization."

Russia and China are maintaining a high level of cooperation, including approaches to international problems.

Over the past few years, the two countries have noticeably increased the intensity of their contacts. China has become Russia’s major trading partner while Russia is in the top ten of China’s main trading partners. In 2002-2013, bilateral trade volumes grew from $12 billion to $89.2 billion. Russia and China are planning to bring their bilateral trade turnover to $100 billion by 2015 and $200 billion by 2020.

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