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Home >> China
UPDATED: 11:06, June 12, 2007
$2b worth of deals inked with Russia
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China and Russia inked 19 business deals worth about $2 billion on the sidelines of an international economic forum in Moscow on Sunday.

The deals range from agriculture to the automobile industry, and were signed in the presence of Vice-Premier Wu Yi and her Russian counterpart Alexander Zhukov.

Heading a Chinese delegation of more than 200 senior managers from 100 leading companies, Wu is in Russia to attend the 11th St Petersburg International Economic Forum.

She has also participated in programs related to the "Year of China" in Russia, including the opening of Shanghai Week and the setting up of the Export-Import Bank of China's representative office in St Petersburg.

"The soaring Chinese and Russian economies have made our countries attractive markets and investment destinations, forging a solid economic foundation for bilateral cooperation," Wu told a round-table meeting on China-Russia trade and economic ties.

Russia is China's eighth biggest trade partner, with China being the fourth largest for Russia. Last year, their bilateral trade reached $33.4 billion, an increase of 15 percent year-on-year and nearly five times that of 1992.

The trade volume, as President Hu Jintao expects, could reach $60-80 billion by 2010.

The two countries have made significant progress in cooperation in sectors such as energy, nuclear energy, hi-tech and civil aviation.

Wu has urged Chinese and Russian companies, especially the big ones, to expand cooperation in areas such as energy, financial service and civilian aircraft making.

Scholars have welcomed the developments in Sino-Russian relations, saying better business cooperation between the two countries will produce more substantive results during the "Year of China" in Russia and the reciprocal "Year of Russia" in China.

The theme years, initiated by Presidents Hu Jintao and Vladimir Putin, have promoted understanding between the two peoples through cultural programs and stimulated trade and economic cooperation.

During their meetings on the sidelines of the G8 summit last week, Hu and Putin hailed the theme years and vowed to boost bilateral ties further.

Source: China DailyXinhua

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