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Chinese official says national years speed up economic co-op
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07:42, November 06, 2007

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Chinese-Russian trade and economic ties were further enhanced in the national theme years and bilateral trade is hopeful to record a new high of 50 billion U.S. dollars in 2007, Yu Guangzhou, Chinese vice minister of commerce said on Monday.

Bilateral trade has hit 34.9 billion U.S. dollars in the first nine months this year, exceeding the annual volume in 2006, Yu told a press conference held in Moscow.

Since 1999, Chinese-Russian trade has kept soaring at an average annual growth of some 30 percent and trade components have also been optimized when machinery products exports to each other are increasing, he said.

In the January-September period, trade of machinery products reached 7.3 billion U.S. dollars, accounting for 21 percent of the total trade volume and topping the trade list, according to Chinese customs figures.

Two-way investment also surged and has hit 1.6 billion U.S. dollars so far, of which, Chinese investment in Russia was 1.03 billion U.S. dollars and Russian investment, 650 million U.S. dollars, Yu said.

The two countries have signed agreements on 31 investment projects, worth some 4 billion U.S. dollars. Those projects cover such fields as mine exploration, timber processing, infrastructure construction, assembly, agricultural industry, trade and logistics.

Border and regional trade were also boosted. Border trade was 6.2 billion U.S. dollars and accounted for some 20 percent of bilateral trade in the January-September period, Yu said.

Chinese President Hu Jintao and his Russian counterpart Vladimir Putin initiated the national theme years in 2005 in a bid to enhance mutual trust and promote all-round cooperation. The "Year of Russia" was held in China in 2006 and the "Year of China" was ongoing in Russia.


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