Sino-Russian trade ties set to strengthen

China and Russia have built a comprehensive strategic partnership while expanding and deepening cooperation to achieve win-win results. With the world facing uncertainties, Beijing and Moscow are determined to upgrade their practical cooperation in order to overcome the global challenges created by slowing economic growth and rising protectionism.

The two countries' efforts to deepen pragmatic cooperation have started paying dividends. Both the quantity and quality of Sino-Russian trade have improved, and China has been Russia's largest trade partner for nine successive years. The bilateral trade volume was only $8 billion in 2000, but by 2018 it had exceeded the $100 billion mark. And in the first eight months of this year, the trade volume increased 4.5 percent to reach more than $70 billion.

According to the Russian government, Sino-Russian trade is expected to increase to $200 billion by 2024. As for the Sino-Russian trade structure, it has improved to a large extent with an increase in the proportion of quality goods, especially high-tech and advanced electrical products. Bilateral trade in agricultural products, too, has increased, reaching $5 billion last year, up 28 percent year-onyear. Sino-Russian e-commerce has also expanded in keeping with the times.