Russian companies have inked deals worth billions of dollars with Chinese partners during China's First International Import Expo (CIIE) that concluded in Shanghai last week. The figure disclosed by the responsible official of Russia’s exhibition hall also indicates the promising potential of China-Russia economic and trade cooperation.

As a guest country of honor as well as one of the biggest participators at the expo, Russia sent a delegation constituting of nearly 800 members led by Prime Minister Dmitry Medvedev. Their companies occupied a booth area of 2,000 square meters.

“Our goal is to further raise our popularity in the Chinese market and let Chinese consumers know the diversified Russian products with fine quality and advanced technology,” said Andrey Slepnev, general director of the Russian Export Center (REC), a government-owned institute in charge of exports.

According to the REC statistics, in the first half of 2018, Russia's exports to China grew 43 percent from last year to $25.9 billion, making up over 50 percent in Russia’s total exports to Asia. China also contributed 63 percent to the total increase rate.

In the same period, Russia exported $5.8 billion non-raw materials and non-energy products to China, up 19 percent from the same period of last year.

The complementary economies endow China and Russia with generous cooperating opportunities in timber, petrochemical technology, food, paper making, nonferrous metal, precious metals and some other fronts.

The REC had discussed with China on simplifying procedures, eliminating trade barriers, finding new logistics routes and other agendas to expand Russia’s exports to China, Slepnev disclosed.

Russia also eyed for the great cooperation potential in city management like software on parking space management and traffic flow monitoring, said the director, who is also optimistic on the promising future of Russia’s aviation, pharmacy, high-tech building material industries in Chinese market.

The steadily growing trade of agricultural products had become the biggest new driver of their two-way trade, as Russia-produced soybeans, vegetable oil, candies, seafood, flour, rapeseed and flaxseed had been put on the dining table of Chinese consumers.

Russia and China reached consensus on trade of dairy products, said Dmitry Patrushev, Minister of Agriculture of Russia, adding that the first batch of dairy products would arrive in China within this year after the expo.

“The China International Import Expo has provided us with precious opportunities,” noted Slepnev, explaining that the grand event, which was hosted by China based on a spirit of mutual benefit and win-win outcomes, allowed Russian businesses to show themselves in front of many importers, get close to China’s market environment, make acquaintance with firms from third-party countries and expand business together.

He said that the expo injected strong impetus into the sustained development of Russia-China economic and trade cooperation, and Russian companies were optimistic about the prospects of bilateral cooperation.