BEIJING, July 24. /TASS/. Russia and China need to develop new channels of mutual payments as soon as possible for the sake of further successful promotion of bilateral investment and trade-economic cooperation, Economist of the Dezhou University Business School Wang Kai told TASS.
"We experience the impact of sanctions of Europe and the US, which prevent making transactions between Russian and Chinese financial institutions and interfere with implementation of deals between companies of our countries," the economist said. "To the greater extent, this is exactly what leads to involuntary suspension of our mutual settlements. China and Russia should create new payment and settlement channels as soon as practicable," Wang noted.
This problem is the main challenge for successful implementation of Sino-Russian projects, the expert noted. Authorities of the two countries are already working out relevant issues, including establishment of infrastructure required to optimize payment transactions.
"China and Russia are deepening mutual payments in yuan and rubles, developing new financial products, and providing assistance to bilateral investments on the basis of cooperation between financial institutions," the economist said. "All that will help to lower trade barriers, improve efficiency of trade between China and Russia," he added.