China Russia economic and trade cooperation has reached a new level

This year marks the 75th anniversary of the establishment of diplomatic relations between China and Russia.    

Chinese Ambassador to Russia Zhang Hanhui stated that the head of state's diplomacy is the compass and compass for the development of China Russia relations.   Under the strategic guidance of the two heads of state, China Russia relations have reached the highest level in history and have established a new model of great power relations.

This "model" is also reflected in the economic and trade cooperation between China and Russia. In 2022, bilateral trade between China and Russia surged, achieving the previously set target of $200 billion one year ahead of schedule. In 2023, the trade volume between China and Russia reached 240.1 billion US dollars, a year-on-year increase of 26.3%. Russia surpassed several countries such as Germany and Australia, becoming China's fourth largest trading partner after the United States, Japan, and South Korea. From January to April this year, the trade volume between China and Russia increased by 4.7% year-on-year, reaching 76.58 billion US dollars.

Jiang Yi, a researcher at the Russian East European and Central Asian Research Institute of the Chinese Academy of Social Sciences, told reporters that the reason for the sustained growth of China Russia trade volume is, on the one hand, new growth points such as intelligent upgrading, cross-border e-commerce, and green development, which are becoming important driving forces for the high-quality development of bilateral cooperation. On the other hand, cooperation in traditional areas such as energy resources, aerospace, and connectivity between the two countries is steadily advancing, especially in energy cooperation, which has added important weight to ensure the continuous increase in trade volume between China and Russia.

Over the past year, the high-level construction of the energy cooperation partnership between the two countries has achieved significant results, with the resilience of the energy industry chain and supply chain continuously increasing. Major cooperation projects have steadily advanced, and the construction of units 7 and 8 of the Tianwan Nuclear Power Plant, as well as units 3 and 4 of the Xudabao Nuclear Power Plant, have been carried out in an orderly manner. It is worth noting that the close cooperation between the two countries in the energy field will continue to advance, and new projects including oil, natural gas, etc. are brewing. In terms of natural gas, Zhang Hanhui stated that the Siberian Power 2 natural gas pipeline is crucial for deepening energy cooperation between China and Russia. Currently, companies from both sides are actively engaged in discussions on a series of issues such as project technology, business, and cooperation models.

"Affected by the international economic situation, the safety and supply issues of agricultural products have received widespread attention, and there is enormous potential for cooperation between China and Russia in the field of agricultural products." Jiang Yi said that at the same time, the two sides can further strengthen cooperation in investment, scientific and technological cooperation, capacity mutual assistance, and other aspects.

In recent years, China's investment in Russia has been continuously expanding, with investment methods shifting from green space investment to diversified directions such as equity participation and mergers and acquisitions. Various economic and trade parks in Russia have continued to emerge, and Chinese enterprises are actively exploring localized production in Russia. The cooperation in major projects in various fields between the two countries is progressing smoothly, with the Heihe Boundary River Highway Bridge and the Tongjiang Boundary River Railway Bridge successively opened to traffic. Interconnection projects such as the "Binhai 1" and "Binhai 2" land sea intermodal international transportation corridors, the China Mongolia Russia Economic Corridor, and the China Europe freight train are being promoted

Cross border economic cooperation zones are also a key focus of China Russia economic and trade cooperation. Professor Cui Zheng from the China Open Economy Research Institute of Liaoning University told reporters that taking the "Suifenhe Pohranichne" cross-border economic cooperation zone between China and Russia as an example, the cross-border economic special zone located in Suifenhe is highly in line with the long-term development strategy of China and Russia. The Suifenhe Cross border Economic Cooperation Zone is not only a concrete proof of the interaction between China's "the Belt and Road" and Russia's "Eurasian Economic Union", but also a model of the linkage between the Northeast revitalization strategy and the Russian Far East development strategy.

China and Russia have also conducted extensive exchanges and cooperation in fields such as technology, culture, and education. These exchanges not only enhance mutual understanding and friendship between the two peoples, but also inject new vitality and momentum into the future development of the two countries. Looking ahead to the future, there is still enormous potential for development in the China Russia partnership. Liu Huaqin, a researcher at the International Trade and Economic Cooperation Research Institute of the Ministry of Commerce and the director of the Eurasian Research Institute, believes that in the future, China and Russia will continue to expand cooperation areas and strengthen cooperation in the field of innovation; Improve the infrastructure of the China Russia border, especially the construction of key ports, and enhance the efficiency of customs clearance and inspection; Innovate cooperation methods and create a new industrial chain involving local industrial enterprises from both countries.