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Last updated at: (Beijing Time) Monday, September 22, 2003

Sino-Russian economic cooperation sees rapid growth

Bilateral trade volume between China and Russia is hopefully to reach 14 billion US dollars, a new high for the fifth consecutive year, said sources with the Chinese Ministry of Commerce Sunday.


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Bilateral trade volume between China and Russia is hopefully to reach 14 billion US dollars, a new high for the fifth consecutive year, said sources with the Chinese Ministry of Commerce Sunday.

Statistics with the General Administration of Customs of China show that bilateral trade volumes over the past four years were 5.72, 8, 10 and 11.92 billion US dollars respectively.

Gao Zhongyi, a research fellow of the Development Research Center of the State Council, said the growing trade volume shows the economic cooperation has entered into a fast-growing stage andbesides energy resources and chemical industry, the two nations can also cooperate in fields like technology and services.

He said bilateral economic cooperation is embracing an unprecedented opportunity for development.

Statistics show that bilateral trade volume of the first eight months of 2003 reached 9.51 billion US dollars, up 24.5 percent year on year.

Sergey Tsyplakov, trade representative of Russia to China, saidthe goal put up by the two presidents that bilateral trade volume is to reach 20 billion US dollars in the next three or four years is attainable.

At present, Russia is the eighth trade partner to China and China, the fourth to Russia. Trade along the border areas plays animportant role in Sino-Russian economic cooperation.

Xu Zhixin, deputy director of the Institute of East European, Russian and Central Asian Studies of Chinese Academy of Social Sciences, said China's policy of developing the west region and Russia's plan to develop the far-east region have brought opportunities to bilateral economic cooperation. If big projects of energy resources between the two nations can be carried out smoothly, bilateral trade volume could be doubled.


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