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Chinese president stresses Sino-Russian commercial ties pose great potential

July 03, 11:41 UTC+3 BEIJING

China maintained its status of Russia’s largest trading partner for the seventh year in a row, President Xi Jinping noted

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China's President Xi Jinping

China's President Xi Jinping

© Billy H.C. Kwok/Pool Photo via AP

BEIJING, July 3. /TASS/. Sino-Russia business ties are on the ascent and they still offer considerable potential, President of China Xi Jinping told TASS in an interview on the verge of the visit to Moscow.

"(Russian) President (Vladimir) Putin and I attach great significance to trade and economic cooperation between China and Russia and proactively stimulate its development. Trade and economic ties are far-reaching and offer enormous potential in practical cooperation between our countries," the President of China said. China maintained its status of Russia’s largest trading partner for the seventh year in a row, President Xi Jinping noted.

"Despite the impact of such adverse factors as a sluggish global economy and fluctuating prices for oil and other base goods, the downward trend in Sino-Russian trade was reversed last year. Trade turnover amounted to $69.53 bln and grew by 2.2% when compared to 2015.  Bilateral trade took on high dynamics during the first 5 months of this year and surged 26%. Expectations are that trade turnover may be over $80 bln by the end of the year," Xi Jinping said.

"The structure is currently being streamlined and additional growth opportunities are seen," the Chinese President said. In particular, trade in machinery and high technology products is rising dramatically (by 20.8% and 19.4% respectively in the first quarter of this year). Investment cooperation is gradually gaining traction and financial cooperation is deepening.

"The Central Bank of Russia opened its first overseas representative office in China. A Russian company has become the first among companies from countries along the One Belt and One Road in successfully floating Panda Bonds on China’s exchange. Beijing announced the creation of the China-Russia investment fund for cultivating regional cooperation between the northeastern districts of China and Russia’s Far East," Xi Jinping noted. Trade in agricultural products is growing at a rapid pace, he added.

Beijing "has already become the largest trading partner for the Far Eastern region of Russia," the president of China said. "The parties are proactively working on promising cooperation projects in such spheres as deep conversion of resources, port logistics, modern agriculture and infrastructural cooperation," Xi Jinping added.

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