China-Russia trade in Jan-Feb soars 36.4% with energy cooperation in focus
Published: Mar 07, 2023 07:32 PM
China-Russia Photo: VCG

China-Russia Photo: VCG

Trade between China and Russia in the first two months of this year surged by 36.4 percent to hit 232.5 billion yuan ($33.59 billion), Chinese customs data showed on Tuesday, demonstrating the continuous strong growth momentum of bilateral economic cooperation.

Officials and experts noted that from industrial cooperation to bilateral trade, the comprehensive strategic partnership between China and Russia has entered a new period, and their enhanced cooperation will contribute to the global economic recovery and a multipolar world.

According to China's General Administration of Customs, China's exports to Russia rose 29.9 percent in January and February year-on-year, while imports from Russia jumped 42.1 percent.

The 36.4 percent growth of their trade was also higher than the 34.3 percent increase seen in 2022, boosted by China's optimized COVID management measures as well as the complementary economic structure of the two nations, experts noted.

"Amid the sweeping Western sanctions imposed on Russia, it has ramped up exports of energy products including natural gas, oil and coal to China as well as its agricultural products, which lifted China's import growth rate," Song Kui, president of the Contemporary China-Russia Regional Economy Research Institute, told the Global Times on Tuesday.

At the same time, China-made goods including electronic products, aerospace components and new-energy vehicles are very popular in the Russian market, Song said.

In 2019, China and Russia jointly set the goal of their bilateral trade reaching $200 billion by 2024. 

China's Foreign Ministry noted that China and Russia carry out normal economic and trade cooperation on the basis of mutual respect, equality and mutual benefit, without targeting third parties and without interference from outside.

"Russia has announced plans to build special economic zones in the Far East, which will further enhance bilateral cooperation in infrastructure construction and mineral resources development," Song said, adding that the trade goal set by the two countries is expected to be reached this year.

Trade between China and Russia reached a record $190.27 billion in 2022, Chinese customs data showed.

China and Russia have successfully moved along the path of strategic trust and good neighborliness of the major country relations, setting a model of new international relations, Chinese Foreign Minister Qin Gang said on Tuesday at a press conference on the sideline of the 14th National People's Congress.

Qin noted that China-Russia ties are based on non-alignment, non-confrontation and non-targeting of third parties, which neither pose a threat to any country in the world, nor are they subject to interference and provocation by any third party.

With China and Russia working together, the world will have a driving force toward multi-polarity and greater democracy in international relations. Global strategic balance and stability will be better insured as well. The more unstable the world becomes, the more imperative it is for China and Russia to steadily advance their relations, said Qin.

Global Times