$2 billion trade contracts signed at China-Russia Expo

Tourists take pictures at Red Square in Moscow May 12, 2015. [Photo/IC]

HARBIN - The second China-Russia Expo, which concluded Friday in Harbin, capital of northeast China's Heilongjiang Province, saw more than $2 billion  worth of foreign trade contracts signed with Chinese companies as of Thursday.

The expo attracted nearly 10,000 businessmen from 103 countries and regions, with more than 6,000 officials and businessmen from Russia, which shares a 3,000-km border with Heilongjiang.

As of Thursday, about 35.8 billion yuan (around $5.64 billion) in contracts had been signed among domestic companies.

A total of 13 business-themed activities hosted by the governments of China and Russia, and 40 related promotional events were held during the six-day expo.

The integration of China's Belt and Road Initiative with Russia's Eurasian Economic Union (EAEU), a plan to develop its far eastern region, was a highlight of the expo.

Experts attending the expo said the integration of the two national plans will help deepen bilateral cooperation, facilitate growth, promote infrastructure connections and guarantee a safe development environment for border areas.

Late on Thursday, an alliance of 35 Russian and Chinese financial institutions was established to better serve cross-border financial activities between China and Russia.

China remained Russia's largest trade partner for the fifth year in 2014, while Russia is China's ninth-largest trade partner. Bilateral trade rose 6.8 percent from the previous year to a record high of $95.3 billion in 2014. Twenty years ago, it was less than $7 billion.

The China Harbin International Economic and Trade Fair started in 1990, and its was upgraded to China-Russia Exposition last year to focus on bilateral cooperation between China and Russia.