BEIJING, October 20. /TASS/. Russia and China's investment cooperation is advancing successfully in a variety of fields, Russian Minister of Economic Development Maxim Reshetnikov said.
"In general, [the two countries'] investment cooperation is progressing. And it is critical that it covers a wide range of topics," he told reporters. "This includes investments in mining, as well as in oil and gas and the agro-industrial complex, mechanical engineering, logistics, and a variety of other disciplines," the minister added.
According to him, the leaders of Russia and China have given bilateral investment cooperation a boost. Negotiations with Chinese partners, he said, "always take place in an atmosphere of friendship, understanding, and constructive dialogue." According to the minister, during Russian President Vladimir Putin's recent visit to China, a wide range of issues concerning trade, investment and technological interaction, infrastructure development, finance, and logistics were discussed.
"Indeed, it was an extremely busy agenda, which is why the delegation was extensive. Of course, we have something to work on with business together. But, in general, we have 79 large and larger projects totaling $160 bln, with work on the vast majority of them already underway," Reshetnikov said.
Reshetnikov also added that Russian-Chinese trade turnover is rapidly increasing and this year could reach $215-220 bln. "We will undoubtedly surpass the $200 bln mark this year. Some estimates range from $215 to $220 bln. We'll see closer to the end of the year," he told reporters.
He stated that Russia and China will complete the task of achieving the trade volume set by the two countries' leaders for 2024 ahead of schedule. "Even during the most difficult pandemic years our trade with China grew. Our trade is being completely restructured. When we look at [our] country's overall trade indicators, we see that 68% of our trade is in rubles and yuan. And our trade with China is already 95% in rubles and yuan," the minister added.
According to Reshetnikov, Russian-Chinese trade "generally remains balanced" and the necessary conditions for its development have already been established, with logistics are also operating effectively.
According to data from China's General Administration of Customs, trade turnover between the two countries increased by 29.5% from January to September, totaling $176.41 bln. Chinese exports increased by 56.9% to $81.43 bln, while Russian Federation imports increased by 12.7% to $94.98 bln.