China-Russia trade volume is
expected to exceed $40 billion this year, State councilor Tang Jiaxuan said over
The 18th China Harbin Fair for Trade and
Economic Cooperation attracts a great number of Russian businesspeople.
Addressing the 18th China Harbin Fair for Trade and Economic Cooperation,
Tang said the good political relationship between the two countries will spur
economic and trade exchanges to a new high this year.
Trade between the two countries developed briskly during the past decade,
with volumes soaring from $6.83 billion in 1996 to $33.4 billion in 2006.
And the figure for the first four months this year has already reached $12.5
billion, Tang noted.
"It is estimated that it will exceed $40 billion this year," he told about
300 representatives from both countries at the opening ceremony of the fair's
"Russian Business Day".
China is currently Russia's fourth largest trade partner while Russia is
China's eighth largest.
China's direct investment in Russia has reached $940 million while Russia's
direct investment in the country totals $610 million, Tang added.
He said that the two countries have launched a series of cooperation programs
in the fields of energy, aviation and construction. China and Russia have set a
strategic goal of realizing bilateral trade volume of $60-80 billion by 2010.
Tang said that opportunities
abound as both countries are developing very fast due to a string of effective
Heilongjiang's traditional handicrafts, made
of fish skin, are on display at the Harbin Fair.
"Russia is mapping out a plan for the development of its Far East region, and
China is actively pushing forward the revitalization of its northeast," he said.
He also said the two countries should work harder to restructure trade to
upgrade economic and technological cooperation.
Light industry products like textiles, clothes, shoes and home appliances
account for the majority of China's exports to Russia, while Russia's exports to
China mainly focus on raw materials such as crude oil, logs and steel.
Tang said that both countries should strengthen cooperation in the hi-tech
field by importing more electronic products.
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