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China considers possible to increase turnover with Russia to $200 bln in 5 years

The development of energy sector and new "gas contracts and increase of crude oil supplies from Russia" will help double the turnover between the two neighbors, China’s official said

© ITAR-TASS/Yuri Smityuk

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BEIJING, April 24. /TASS/. It is possible to increase mutual turnover between China and Russia to $200 bln by 2020, Director of the Department of Eurasian Affairs of China’s Ministry of Commerce Ling Ji said Friday.

"In 2014, we reached a record of $95 bln. Our goal of reaching $100 bln in 2015 and $200 bln in 2020 is very ambitious. We assume the time schedules, goals and programs that we chalked out together with the Russian side are quite realistic," he said.

He added that the development of energy sector and new "gas contracts and increase of crude oil supplies from Russia" will help double the turnover between the two neighbors. Another important factor will be the development of China’s processing industry, "mutual supplies of agricultural products and implementation of several big projects as well as construction of agricultural infrastructure," Ling Ji said.

"An investment program has been worked out. Those are main large-scale projects with participation of investment capital on the territory of the Russian Federation. We think the Russian government is taking active and efficient measures to improve the investment climate," he said, adding that "a drop in growth rates of the Russian economy is also having impact on the Chinese investors.".

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