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Home >> Business
UPDATED: 17:06, August 15, 2005
China confident in realizing $60bln bilateral trade with Russia
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The Chinese government encourages qualified enterprises to invest in Russia and hopes the two parties can discuss and sign the China-Russia Investment Protection Agreement as soon as possible to create conditions for expanding two-way investment.

The remark was made by Chinese Commerce Minister Bo Xilai on August 12 at a regular meeting with Russian trade officials held in Beijing.

China-Russia economic and trade relations have been developing soundly, Bo said, with the two countries having become important trading partners of each other and bilateral cooperation entering a new, inspiring stage. The Chinese side is confident in reaching the goal put forward by leaders of both countries: 60 to 80 billion US dollars in bilateral trade volume by the year 2010.

To keep the momentum we should improve and upgrade trade structure and expand the proportion of electromechanical products in bilateral trade, said Bo. Russia enjoys an advantage in its electromechanical products and we hope Russian enterprises can actively take part in the revitalization of old industrial base in northeast China; while China has an advantage in fields as automobile, telecommunication, electronics and ship building, where cooperation with Russia can be strengthened.

Talking about the rectification of bilateral trade order, Bo said that irregularities in nongovernmental trade hurt both parties to which Chinese enterprises reacted strongly. We hope the problem can be solved on an earlier day through consultations and giving full play to the China-Russia working group dedicated to the standardization of irregular bilateral trade.

Besides, border trade is an important part of the bilateral trade, in which China's Heilongjiang, Xinjiang and Inner Mongolia enjoy geographical advantages.

Russia-China trade ties are at the best period in history, said German Gref, Russia's Economic Development and Trade Minister. He said that Russia attaches great importance to developing trade and economic ties with China and is now actively preparing for the 10th regular meeting between the two prime ministers scheduled this fall. He believes the trade ties will be pushed forward by improved trade structure and investment cooperation. He says Russia is ready to create conditions for border trade, strengthen cooperation in rectifying trade order and properly address Chinese concerns.

By People's Daily Online

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