BEIJING, July 5. /TASS/. The dynamic development of trade and economic cooperation between Russia and China in response to the US coercive policy will have a beneficial effect on the entire global economy, Deputy Director of the Institute of Economics and Business Administration Central China Pedagogical University (Wuhan) Zhou Weidi told TASS.

"In the future, the United States will continue to put pressure in both the Russian Federation and China, pursuing a policy of containment towards our countries. Therefore, strengthening partnership and cooperation between China and Russia will certainly be beneficial to the two countries, as well as the entire surrounding region, and even in terms of global economic development," the expert said.

The Chinese economist recalled that in recent years, Chinese-Russian trade and economic relations have continued to develop dynamically, maintaining a positive momentum.

"Political contacts, including at the level of heads of state, have laid a good foundation for this. We can say that cooperation between China and the Russian Federation is at its peak, and our task is to continue interaction in all areas for the benefit of peoples of two countries," Zhou Weidi said.

As the expert noted, the sectoral component of economic interaction between the PRC and Russia allows them to increase cooperation in many areas, including agriculture and industry.

"I think China and Russia have many prospects for development, including the modern service sector - e-commerce and the financial sector," he added.

Traditional and new forms of cooperation

The expert noted that interregional contacts will play the key role in the Chinese-Russian comprehensive strategic partnership. He noted that interaction between Russia’s Far East and Northeast China, as well as with the entire East Asian region, is getting more and more important.

Zhou Weidi believes that China and Russia should deepen cooperation in such a traditional area as energy. "It implies tangible projects and our task is to give this interaction a comprehensive nature. So that it would cover all industry levels," he said.

According to Zhou Weidi, economic interaction between China and Russia requires joint efforts to develop new areas, as this will allow the two countries to form joint integral supply chains in a number of industries. "This will lead to a qualitative increase in Chinese-Russian trade relations," he stressed.

The economist noted that the summit of Shanghai Cooperation Organization (SCO) held the day before in Astana will help simplify trade procedures and contribute to more efficient financial flows within the organization.

"In terms of economic cooperation, this is a very good platform, it creates additional opportunities, including for Chinese-Russian bilateral interaction. Thanks to this multilateral format, our contacts continue to deepen and expand, as a result, a win-win situation is emerging for China and Russia," the expert said.

Zhou Weidi recalled that both China and the Russian Federation participated in the creation of the SCO and continue to act as initiators of promoting the organization’s activities.

"The SCO plays an important role both in politics and in the social, cultural and economic spheres, contributes to the development of the entire region, maintaining security and stability in it, strengthening cultural and humanitarian exchanges. The organization has not only regional, but also global influence, which is very important for our countries," the economist concluded.

Russia and China successfully cooperate in a number of areas, including production, infrastructure construction and the financial sector. Trade turnover between the two countries in 2022 increased by 29.3%, to $190 billion. In 2023, it reached a record high of $240.11 billion, an increase of 26.3%.