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China-Russia border trade enjoy broad prospect
Updated: 2005-06-17 15:36

Chinese Vice-Premier Wu Yi Thursday urged China and Russia to improve border trade in an effort to push forward their bilateral economic and trade relations.

China and Russia share a 4,300-km-long border. Wu said China's northeast areas and Russia's far-east region and Siberia enjoy distinct geographic advantages and are complementary in industrial structure and economic development.

"Since borderline trade was resumed, it has kept on expanding and playing an increasingly important role in bolstering bilateral trade and economic relations," Wu said in a speech at the opening ceremony of a Russian Business Day on the sideline of the 16th China Harbin Fair for Trade and Economic Cooperation.

Wu said China's plan of revitalizing northeast old industrial base and Russia's strategy of exploring its far-east and Siberian region are important opportunities, which should be seized by the two sides to upgrade the borderline economic and trade cooperation to a new level.

The Chinese vice-premier suggested the two countries increase the proportion of electronic and hi-tech products in borderline trade so as to improve the trade pattern.

She also suggested the two sides improve technological and investment cooperation in the sphere of agriculture, forestry and aquatic product as well as textiles and electronic manufacturing to upgrade the overall capacity of the borderline trade.

Wu said she hoped that the two sides would solve trade friction through dialogue and consultation and make vigorous efforts to regulate trade order to create a healthy environment for bilateral economic cooperation.

To further accelerate borderline trade, she also suggested the two sides focus more on infrastructure construction of road, railway and cross-border bridges to tackle traffic disorders.

China and Russia has cemented a strategic partnership. Currently, China is Russia's fifth largest trade partner and Russia is China's eighth biggest trade partner.

Wu said China and Russia enjoy broad prospects for economic cooperation. She said with the fast economic growth of both countries, bilateral trade volume between China and Russia is very likely to reach US$60 billion to US$80 billion in 2010.

The 16th trade fair is sponsored jointly by five Chinese organizations including the Ministry of Commerce, China Council for Promotion of International Trade, the Heilongjiang Provincial People's Government.

The previous 15 fairs attracted about 1.1 million business people from all over the world and obtained a combined business transaction value of US$70 billion.

The current fair will run until June 19.

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