BEIJING, August 9. /TASS/. The Sino-Russian economic cooperation is becoming more comprehensive and evolving into large-scale industrial cooperation, president of the Contemporary China-Russia Regional Economy Research Institute Song Kui told the Global Times newspaper.
The data proves cooperation between the two countries has now expanded beyond traditional areas such as commodity trade, and is evolving into wider-scale industrial chain cooperation that can withstand headwinds, he said.
"Cross-border industrial chain construction, whether in the energy, oil exploitation or food processing industries, are the areas where the two will cooperate further and continue to unleash potential," the expert noted.
The promotion of local currency settlement in bilateral trade plays a significant role in driving growth in trade with Russia, "as companies from both sides seek de-dollarization to reduce costs and risks," the newspaper said citing experts.
Trade turnover between China and Russia rose by 36.5% in January-July 2023 year-on-year, with the total trade volume reaching $134.1 bln, according to Chinese customs data. Exports from China to Russia climbed by 73.4% to around $62.54 bln in the reporting period, while imports of Russian goods and services to China added 15.1% to $71.55 bln.