BEIJING, July 31. /TASS/. China and Russia are able to boost trade turnover to $250 bln this year, Deputy Director of the Institute for Russian, East European & Central Asian Studies at Renmin University of China Liu Xu told TASS.

"Overall the process of expansion of the Sino-Russian trade and economic relations in the first half of the year was characterized as stable. Though serious difficulties arose, the prospects are encouraging overall," he said.

The expert noted such a negative trend in trade between China and Russia as substantial fluctuations in trade turnover dynamics, which has emerged. "The rates in recent several years have been quite high, though this year we registered both their growth and decline in various months," he said, adding that "overall the upward trend persists, having become less notable though."

The Chinese leader Xi Jinping announced the intention to bring trade between the two countries to $250 bln in 2024 at a meeting with Russian President Vladimir Putin, Liu Xu noted. "This is a 4% increase. Judging by the situation in the first half of the year it is still possible to hit the target," he stressed.

Beijing and Moscow "have done much for development of joint trade and economic relations," the expert said. "Both sides undertake active efforts, starting from intergovernmental agreements and private meetings between heads of the two states," he said, adding that both sides are in tune for cooperation even amid Western sanctions, though promotion of cooperation "also requires efforts by business and scientific circles."

Russia and China successfully expand cooperation in a whole range of practical areas, including production, infrastructure construction and finances. Trade between the two countries increased by 29.3% in 2022 to $190 bln. In 2023, it hit a record level of $240.11 bln, having risen by 26.3%. However, the dynamics fell to 1.8% in January-June 2024 ($116.8 bln).