There is huge potential for cooperation between China and Russia in the automotive trade, an official with the Ministry of Commerce said at the first Sino-Russian forum on the auto market held in Harbin on Sunday.
Zhi Luxun, who is in charge of machinery and scientific and technological industries with the ministry, based his judgement on the fact that China has become a major motor vehicle producer and consumer in the world, while Russia boasts a sharp competitive edge in the auto industry and a comfortable investment climate for the sector.
In 2006 China explored new markets for motor vehicles and auto parts, in Europe. During the process, Russia's potential for automotive trade began to emerge, Zhi said.
China exported 460 million U.S. dollars worth of automotive products to Russia last year, a growth of 161.8 percent over the previous year, according to the Ministry of Commerce.
Of the total, whole-vehicle exports stood at 38,000 units, up 331.9 percent, or 350 million U.S. dollars worth, up 312.5 percent. Exports of auto parts increased by 20.7 percent to 110 million U.S. dollars worth.