Sino-Russian Trade Expected to be Better Than Ever

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Last updated at: (Beijing Time) Monday, December 02, 2002

Sino-Russian Trade Expected to be Better Than Ever

Sino-Russia trade jumped 18.1 percent to US$9.84 billion during the first ten months this year, according to Chinese customs. Last year, bilateral trade exceeded US$10 billion for the first time.

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Trade between China and Russia jumped 18.1 percent to US$9.84 billion during the first ten months this year, according to Chinese customs.

Last year, bilateral trade exceeded US$10 billion for the first time.

Since the Sino-Russian Good-Neighborly Treaty of Friendship and Cooperation was signed in July 2001, economic and trade cooperation between the two countries has witnessed fast development, with robust trading and wider economic cooperation in many fields.

China's exports to Russia from January to October this year reached US$2.83 billion, up 38.2 percent year-on-year, while China's imports from Russia grew 11.5 percent to 7.01 billion US dollars, official figures show.

By the end of September 2002, 474 Chinese-funded companies involving trade, microelectronics, telecommunications, electrical appliances and lumbering had been set up in Russia, with total investment of US$303 million, according to China's Ministry of Foreign Trade and Economic Cooperation (MOFTEC).

Figures show Russia has 1,383 investment projects in China, involving contracted foreign funding of US$706 million. Most projects focus on nuclear power, automobile, agricultural machinery and the chemical industry.

China is Russia's sixth largest trade partner and Russia is China's eighth largest trade partner. China-Russia economic and trade cooperation, promoted by frequent high-level exchanges, provides a firm base for bilateral relations, MOFTEC experts say.

They attribute the increase in trade to the continued growth of both country's economies, their geographical advantages, and the mutual need for each other's resources, markets, high technology and investment.

Besides trade in traditional goods, the two countries also value economic and technological cooperation in such fields as hi- tech, energy, resources, finance, investment and manufacturing.

Both countries are working on a joint project to lay oil pipelines from Russia to China. Russia's gas monopoly Gazprom has joined in China's west-to-east gas transmission project. Several China-Russia science and technology cooperative bases have been set up in China. And the foundation of a China-Russia science and technology park is underway in Moscow.

With China joining the World Trade Organization and Russia's bid for WTO membership, bilateral trade will continue to grow rapidly thanks to better market conditions in both countries, MOFTEC experts say.

They also point out that on the basis of mutual understanding, both sides need to diversify their trade structure, regulate bilateral trade order, and set up relevant financial systems at international standards.

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