Russia & China trade to reach record levels in 2021 – Russian economy minister

Trade turnover between Russia and China has grown by a third since January, according to Russia’s Ministry of Economic Development, which expects further growth this year.

“By the end of the year, there is every chance to reach a historical maximum [in trade turnover with China],” the head of the ministry, Maxim Reshetnikov, said on Wednesday at a meeting of the Russian-Chinese subcommittee on trade and economic cooperation.

Reshetnikov praised the steady confidence Chinese companies have put in the Russian market, shown by prolonged economic activity and the launch of new projects even in the midst of the Covid-19 pandemic. The ministry plans to send four of its representatives to China to work in the Russian trade mission and promote cooperation with emphasis on the digital economy and sustainable development.

Among the issues discussed at the meeting were the restoration of supplies of Russian fish products to China, ensuring uninterrupted export cargoes crossing the Russian-Chinese border by land, and expanding cooperation in agricultural trade.

“We are interested in the implementation of new large projects – the first Russian-Chinese insurance company, the construction of additional capacities of the terminal for receiving and transshipment of liquefied petroleum gas and propylene in Manchuria,” Reshetnikov said.

According to China’s customs administration, trade turnover with Russia at the end of 2020 dropped by 2.9% in annual terms and amounted to $107.76 billion. However, in the pre-crisis years, the indicator grew steadily, rising gradually from $69.52 billion at the end of 2016 to $110.75 billion in 2019. Both countries plan to get back on course as soon as possible, with the goal of increasing the volume of bilateral trade to $200 billion per year.

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