Steady Development in China-Russia Economic, Trade Cooperation

As the Sino-Russian strategic partnership enjoys sound and steady development, economic and trade cooperation between the two countries also enjoys continuously rapid and effective advancement following last year's record trade turnover of US$8 billion.

During the January-July period this year, trade volume between China and Russia reached US$5.542 billion, up 29.9 percent from the same period last year. Of the total, China's exports to Russia hit US$1.267 billion, up 18.3 percent, while imports from Russia amounted to US$4.275 billion, soaring 33.8 percent.

Expecting a surge in bilateral trade this year, the two countries have further expanded their cooperation in the area of technology.

China draws in Russia's nuclear power, space and electronic technologies while selling its mechanical, communications and electronic technologies.

Mutual Investment also experiences a significant boost.

As many as 1,300 China-funded enterprises now operate in Russia with a total investment of about US$160 million, and 1,160 Russia-funded projects are in China investing some US$231 million.

Some 90 Russian enterprises and 150 Chinese firms participated in the 2001 Russian Import and Export Fair held in Shenyang, China.

Regular high-level contacts between the two countries have markedly shored up economic and trade cooperation.

The premiers of China and Russia held their fifth regular meeting last November, reaching comprehensive agreement in deepening mutually-beneficial cooperation in the fields of politics, economy and science and technology as well as global affairs.

The two premiers affirmed their governments' support for the creation and implementation of large cooperative projects in nuclear energy, space, gas and oil, vowing to promote direct trade and technology exchanges between regions of the two countries as well as to boost direct and long-term cooperation between good- credit big companies of the two sides.

The sub-committees on Sino-Russian banking cooperation, space cooperation and military technology cooperation also held sessions this year respectively.

During Chinese President Jiang Zemin's visit to Russia in July this year, the two sides signed a deal on petroleum pipeline projects. The implementation of the projects will bring bilateral economic and technological cooperation to a new height, both in size and quality.

Implementation of some of the big projects in the fields of energy, space, communication and forest industries have begun, among which is the Tianwan Nuclear Power Plant.

Projects for forest exploitation and household electrical products also enjoy smooth development.

Exchanges and cooperation between some regions of the two countries have been strengthened as well. China's northeastern region signed a series of transportation deals with Russia's Far East this year.

During his July visit to Russia, Jiang and his Russian counterpart, Vladimir Putin, also signed a good-neighborly treaty of friendship and cooperation, which lays a reliable political and legal foundation for the two countries to steadily develop bilateral relations in the new century.

(Xinhua News Agency 09/07/2001)