Sino-Russian economic co-op in structural overhaul: Chinese diplomat

14:27, November 20, 2010      

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by Xinhua writers Hai Yang, Wei Lianglei and Xie Rong

The current economic and trade cooperation between China and Russia is at a crucial stage of transiting from scale growth to overall restructuring, a Chinese diplomat said ahead of Premier Wen Jiabao's upcoming visit to Russia.


Ling Ji, minister counselor for economic and commercial affairs at the Chinese embassy to Russia, told Xinhua in a recent interview that the trade structure between China and Russia has been distinctly improving this year as bilateral trade retains rapid restorative growth.

In the first 10 months of this year, trade volume between China and Russia hit 45.1 billion U.S. dollars, up 43.4 percent year-on-year.

Trade volume underwent a significant slash last year due to the aftermath of the global financial crisis, Ling said.

In 2008, the trade figure was 56.8 billion dollars, while this year, it would probably approach the pre-crisis level to surpass 50 billion dollars, Ling said.

In addition, the trade structure between China and Russia has been continuously improving, Ling said, adding that "it has thus proven the healthy and sustainable development of Sino-Russian trade."

In the first three quarters this year, the ambassador said, mechanical and electric products surged 96 percent to take up 45.5 percent of the entire Chinese exports to Russia. The total value of the exports hit 9.63 billion dollars, he said.

Exports of mechanical, electric and high-tech products worth 12.8 billion dollars at the same time made up over 60 percent of the total amount, Ling said.

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