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China’s investments in Russia’s economy down 20% in 2015

August 21, 2015, 15:33 UTC+3 BEIJING

According to Chinese official Lin Zhi, the inflow of Chinese investments to Russia was mainly constrained by the ruble devaluation

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© ITAR-TASS/Yury Smityuk

BEIJING, August 21 /TASS/ China’s direct investments in Russia’s economy decreased by 20% year-on-year in January-July, head of the Europe and Central Asia Department of the Chinese Ministry of Commerce Lin Zhi told reporters on Friday.

"Direct investments to the real sector of economy are decreasing while the volume of portfolio investments is growing. We can’t say that investors’ activity is decreasing but it turns out that they choose new ways for investments in the Russian economy due to current economic difficulties," Lin Zhi said.

In January-June, the volume of China’s direct investments to Russia decreased 25% in annual terms.

According to Lin Zhi, the inflow of Chinese investments to Russia was mainly constrained by the ruble devaluation.

"As you know, the ruble rate fell in the first half of the year, it is unstable, all this affects the real activities and psychology of investors," he said.

Lin Chi also noted a positive attitude of the Chinese investors who continue to invest in the Russian economy.

"Several Chinese major projects on investments in automobile industry, agriculture and reconstruction of infrastructure are now being launched," - he said.

As of December 31 2014, Chinese investments in the Russian economy totaled $4 billion. It is expected that in the next five years this figure will increase to $10 billion.

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