China-Russia Expo offers dynamic platform for boosting trade, economic cooperation: MOFCOM
Published: May 07, 2024 04:35 AM
China Russia (file photo) Photo: VCG

China Russia (file photo) Photo: VCG

The China-Russia Expo, the highest-level and most extensive exhibition hosted by the two countries, has become a major platform for fostering industrial partnerships, and a pivotal avenue for local collaborative initiatives, said an official from the Ministry of Commerce (MOFCOM) during a press conference on Monday, while also pledging to facilitate and intensify bilateral trade ties and regional cooperation in the future.

The remarks were made in anticipation of the upcoming 8th China-Russia Expo. As part of the 75th-anniversary celebrations of China-Russia diplomatic relations, the six-day event will be held in Harbin, the capital of northeast China's Heilongjiang Province from May 16 to 21, coinciding with the 33rd China Harbin International Economic and Trade Fair. 

With a theme of "cooperation, trust, and opportunities," the expo will focus on various sectors such as cultural tourism, high-tech equipment, traditional and alternative energy, finance, and education among others, aiming to foster comprehensive, multi-faceted, and profound exchanges and collaborations between the two countries, said a local official from Heilongjiang.

This year's expo is expected to achieve records in both scale and influence. Russian exhibitors will comprise 137 companies, occupying a record-breaking 3,267 square meters of exhibition space. Additionally, 1,246 companies from 21 provinces, regions, and municipalities across China will participate, showcasing the tangible implementation of the China-Russia comprehensive strategic partnership of coordination for a new era, according to local media reports.

Since it was inaugurated in 2014, the expo has attracted over 7,200 Chinese-Russian companies and 10.05 million attendees, resulting in deals worth 446.8 billion yuan ($61.99 billion) across various sectors. Over the past decade, the expo's features have gradually shifted from traditional sectors such as energy, minerals, and mechanical electronics to emerging sectors including medical devices, the digital economy and new energy, said Liu Xuesong, director of the Department of Eurasia Affairs at MOFCOM.

Under the new paradigm of China-Russia relations, economic and trade cooperation between the two sides has made significant strides in recent years. In the first quarter of 2024, the bilateral trade volume was $56.68 billion, up by 5.2 percent year-on-year, maintaining an upward trajectory. Moreover, the trade structure continues to improve, with increasing ties in emerging areas such as services trade and cross-border e-commerce, according to official data.

Looking ahead, Liu pledged at the press conference to further enhance China-Russia trade and investment cooperation, bolster the resilience of industrial supply chains, and elevate the facilitation and liberalization of bilateral and regional ties, in a bid to foster a favorable policy environment for expanding bilateral trade.

The China-Russia Expo is jointly hosted by China's MOFCOM, the Heilongjiang provincial government, Russia's Ministry of Economic Development, and its Ministry of Industry and Trade. The 7th expo was held from July 10 to 13 last year in Yekaterinburg, Russia. 

Global Times