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Trade turnover between Russia and China expected to recover in 2-3 years

August 27, 2015, 17:33 UTC+3 MOSCOW

Chinese Deputy Foreign Minister Chen Gopin said next year Russia and China will be able to reach $100 billion in trade turnover

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© AP Photo/Eugene Hoshiko

MOSCOW, September 27. / TASS / Deputy Prime Minister Arkady Dvorkovich expects that the trade turnover between Russia and China will recover in 2-3 years, as he said in an interview on Thursday to the Russian television channel Rossiya-24.

"If you do not take into account the drop in energy prices and the devaluation of the ruble in the last few months, the volume of trade and investment is at a record level. I am sure that even the current slight decline will be quickly compensated in the next two or three years, and we will reach new record levels of turnover and investment," Dvorkovich said.

Earlier, Russia’s Ambassador Extraordinary and Plenipotentiary to China Andrey Denisov said at a joint press conference with Chinese Deputy Foreign Minister Chen Gopin that trade turnover between Russia and China will not be able to reach $100 billion this year. "

Talking about our bilateral relations, the crisis has, of course, affected them. In the first half of 2015, trade turnover has fallen by a third that is by 30%, and stood at slightly more than $31 billion. First of all, similar situations happened, relatively recently, in 2009, due to same reasons - because of crisis in the global economy. I would like to note two peculiarities here. Over the last 10 years, the volume of our bilateral trade has grown by 23% per year in average. This is a rare case in world trade. Last year, it reached almost $100 billion. This is a very considerable sum for the Russian economy. Secondly, the physical volume of goods from China to Russia and from Russia to China has not changed. The decrease happened because of falling global prices, first of all for raw materials and most importantly, for oil. The physical volume stayed the same and even grew on several positions," he stressed.

The diplomat said the structure of bilateral economic cooperation is in its transition period. "Both China’s imports in general and Russian-Chinese trade are going through certain transformation; you can even say a revolution. We are transitioning from trading goods to trading projects and large-scale investment cooperation. We have several dozens - around 60, to be precise - investment projects at different stages of readiness. Discussion of different investment projects has significantly increased in the first half of this year. In general, we state considerable revival and activation of contacts between business circles of the two countries, companies, enterprises, entrepreneurs both on the bilateral basis and in the framework of different international forums. In general, we do not cancel the task put forward by our leaders to reach $100 billion in trade," the envoy concluded.

"I think that next year, we will be able to reach $100 billion in trade turnover," Chen Gopin said.

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