Wide achievements and abundant potential in the field of Sino Russian economic and trade cooperation (global hotspot)

The "Russian flavor" has arrived at Chinese dining tables, smartphones "made in China" are selling well in the Russian market, Chinese brand cars are walking on the streets of Russia, and Russian e-commerce platforms are expanding their business in China... Currently, pragmatic cooperation between China and Russia continues to deepen, injecting vitality into the development of bilateral relations. Data shows that China has maintained its position as Russia's largest trading partner for 15 consecutive years. As "good neighbors" and "true friends", China Russia pragmatic cooperation has a deep foundation and complementary advantages are continuously being released.

Both quantity and quality of economic and trade exchanges have improved

This is Russian imported oak honey, which is sweet and has a unique floral fragrance. Interested friends can click on link 93... "Walking into the Russian Commodity City in Suifenhe City, Heilongjiang Province, many merchants are live streaming. On the side shelf, there is a dazzling array of imported Russian goods such as cookies, nuts, juice, etc. The reporter saw that the turnover of a traditional Russian Dim sum sold live in a store on the e-commerce platform has exceeded 20000.

Suifenhe is located on the border between China and Russia, and is the largest port in Heilongjiang Province to Russia, as well as an important distribution center for Russian goods. A single transaction in the live broadcast room reflects a vivid picture of China Russia economic and trade exchanges.

Currently, Russian products are becoming increasingly popular in China. According to a recent report by the Russian newspaper Komsomol Pravda, sales of Russian ice cream in the Chinese market have seen rapid growth. Russian chocolate, infant formula and other products are also popular. In 2024, more than 900 enterprises and institutions specializing in Russian commodity trade will be established in China, which is more than double the number from two years ago.

China imports a wide variety of products from Russia. The recently released table of import commodity prices by the General Administration of Customs of China shows that the goods purchased by China from Russia not only include traditional bulk commodities such as energy, minerals, meat, and grains, but also include products from the chemical industry and related industries, plastics and their products, rubber and its products, and other industrial finished products. In addition, it also includes high value-added goods such as jewelry, precious metals and products, mechanical and electrical equipment, audio-visual equipment and their components.

While various Russian products are entering China, "Made in China" is also favored by the Russian market.

At a smartphone brand store in Heihe City, Heilongjiang Province, many Russian tourists are testing prototypes at the counter and confirming parameters with the staff. Russian tourist Dmitry showcased his Chinese brand smartphone: "I have already bought two Chinese phones, and Chinese made smartphones are very good. I also use Chinese brands for my smart home products at home

A smartphone reflects a new highlight of China Russia economic and trade cooperation. According to a recent research report by Standard Bank of Russia cited by Sputnik News Agency, Chinese smartphone exports to Russia are showing a growth trend, and the market share of Chinese brand smartphones in the Russian market is increasing year by year. In 2022, the market share of Chinese brand mobile phones will be 50%; By 2023, this proportion will increase to 73%; By 2024, the market share of Chinese smartphones in Russia has further increased to 86%. The report states that the bank's statistics once again confirm the widespread popularity of Chinese brand smartphones in the Russian market.

From furniture and supplies to clothing, shoes, and hats, from electronic products to new energy vehicles, many Chinese goods are currently selling well in the Russian market. According to data from the Russian automotive industry analysis firm "Autostat", 11 Chinese car brands have entered the top 15 in the 2024 Russian market for new passenger car sales.

The pragmatic cooperation between China and Russia has yielded fruitful results, demonstrating the "gold content" of bilateral relations. In 2024, the bilateral trade volume between China and Russia reached 244.8 billion US dollars, a year-on-year increase of 1.9%. China has maintained its position as Russia's largest trading partner for 15 consecutive years. Bilateral trade settlement in local currency exceeds 95%.

Xu Poling, a researcher at the Institute of Russian, Eastern European, and Central Asian Studies of the Chinese Academy of Social Sciences, told our reporter that the current economic and trade cooperation between China and Russia is showing a good trend of "solid foundation and simultaneous improvement in quantity and quality". The scale of bilateral trade has jumped from billions of US dollars to 244.8 billion US dollars in the past five years, more than doubling. The quality and level of China Russia economic and trade cooperation have also significantly improved, with both sides gradually strengthening industrial and supply chain cooperation on the basis of consolidating final product trade. Both sides have also made new progress in investment cooperation, monetary and financial cooperation, and supporting infrastructure construction based on bilateral local currency direct settlement mechanisms. From the perspective of cooperative entities, the active participation of private enterprises has further enhanced market vitality. These achievements are important manifestations of China Russia economic and trade cooperation moving towards a higher level.

Cooperation has a stable driving force

In the early morning at Baotou International Land Port in Inner Mongolia Autonomous Region, before dawn, a China Europe train carrying 55 boxes of building materials had already departed. On the train, there are various products such as wall panels, aluminum alloy accessories, crossbeams, square steel, columns, channel steel hangers, hardware, color steel plates, etc. These goods will be shipped to Shelyatino, Russia for sale in the Russian market.

The economic and trade cooperation between China and Russia is full of vitality, backed by both sides' solid political cooperation willingness and the complementary advantages of mutual benefit and win-win results.

In recent years, China and Russia have strengthened the docking of development strategies and achieved fruitful results in jointly building the "the Belt and Road". A series of large-scale projects have promoted China Russia economic and trade cooperation and friendly exchanges, bringing tangible benefits to the two peoples.

Under the strategic guidance of close high-level communication between China and Russia, China Russia relations have developed into a stable partnership characterized by deepening political mutual trust, closer strategic cooperation, and continued practical cooperation. Cooperation in areas such as economy, trade, and technology continues to expand, "said Iran's Maiher News Agency.

Xu Poling stated that China and Russia are each other's largest neighbors and comprehensive strategic partners. Since the beginning of the new era, under the strategic guidance of the two heads of state, political mutual trust between the two sides has continued to deepen, practical cooperation has achieved remarkable results, and intergenerational friendship has deeply penetrated people's hearts. International strategic cooperation has continued to consolidate and deepen. Both sides have jointly embarked on a new path of mutual respect, harmonious coexistence, and win-win cooperation between major powers and neighboring countries. Political mutual trust has opened up space for pragmatic cooperation between the two countries.

"No matter how the international pattern evolves, China and Russia are always determined to enhance friendship and their cooperation is full of vitality." The Rossiyskaya Gazeta Daily reported that Russia is an important supplier of oil and natural gas to China, and China is a major source of imports of Russian mechanical and electrical products, automobiles and other commodities. The two countries continue to deepen cooperation in various fields such as economy, trade, investment, energy, and aerospace.

Xu Poling stated that complementary advantages are the foundation for the long-term stable development of pragmatic cooperation between China and Russia. China and Russia are each other's largest neighbors, with a certain degree of complementarity in their commodity structure, and have unique advantages in carrying out mutually beneficial cooperation. The two sides have formed a structural complementary pattern of energy and finished products.

The Council on Foreign Relations in the United States recently published a research report stating that the complementary trade relationship between China and Russia is beneficial for both sides. Russia benefits from Chinese companies and banks investing in Russia's energy and telecommunications infrastructure, while China also benefits from Russia's energy exports. The trade dependence and trade volume between the two sides have increased over the past decade.

Faced with external challenges and geopolitical factors, the complementary advantages of trade between China and Russia continue to deepen. The vast energy market in China provides space for the export of Russian energy products. At the same time, the Russian market has shown strong demand for Chinese automobile exports and has become the largest market for Chinese automobile exports. The complementary advantages of both sides have further expanded from traditional complementary commodity structures to complementary market sizes, "said Xu Poling.

Long term improvement with broad prospects

Xu Poling stated that by 2025, pragmatic cooperation between China and Russia will enter a new stage, and bilateral trade volume growth will tend to stabilize. In the new stage, the key content of pragmatic cooperation between China and Russia is to stabilize and consolidate the achievements of the two countries in commodity trade, industrial chain cooperation, infrastructure docking cooperation, etc., innovate and expand cooperation in e-commerce, service trade, local currency settlement, and bilateral settlement infrastructure construction, and explore new areas of cooperation such as expanding investment, technology, and Arctic shipping development and construction.

The foundation of pragmatic cooperation between China and Russia is solid, the prospects are broad, and we are not afraid of challenges. There is still a lot of room for cooperation in the future, "said Xu Poling.

Not long ago, the local e-commerce platform "Yeberry" in Russia announced the opening of the Chinese market for investment and strengthened its cross-border e-commerce business layout in China, attracting attention from multiple Russian media outlets. Alexei Maslov, Dean of the School of Oriental and African Studies at Moscow State University in Russia, stated in an interview with TASS that digital trade will become one of the most active areas of cooperation between the two countries in 2025. We have currently observed a good momentum, with some Russian companies actively working with China in 2024 and setting up many joint ventures between Russia and China to engage in 2C and 2B digital trade. ”He stated that by 2025, Russia and China will further expand their cooperation in the field of science and technology, conduct more joint research in the field of science and technology, and broaden cooperation in the agricultural and forestry industries.

According to a recent announcement on the Kremlin website, comprehensive cooperation between Russia and China in the industrial and high-tech fields is constantly advancing. Currently, Russia has become the world's largest importer of Chinese cars. The Russian side welcomes China to establish production bases in Russia and engage in capacity cooperation. In 2024, the bilateral freight volume through the border ports and seaports between Russia and China increased by 9%, reaching nearly 176 million tons. Russia plans to further upgrade its transportation infrastructure and change border checkpoints to 24-hour customs clearance. In addition, the "Made in Russia" trade fairs held in various provinces of China have been highly effective, continuously stimulating Chinese consumers' interest in Russian products.

Currently, the world's century long changes are accelerating, the global political and economic landscape is undergoing deep adjustments, and international economic and trade rules are undergoing a new round of reshaping. In the face of external shocks, analysis suggests that high-level cooperation between China and Russia will have a positive impact on stabilizing the international economic order.

Victoria Perskaya, Dean of the Institute of International Economic Relations at the University of Finance and Economics of the Russian Federation, recently stated in a media interview that Russia China economic cooperation is based on compliance with current world trade regulatory norms and national regulatory principles for foreign economic activities, and is a sustainable and mutually beneficial partnership. Russia and China are jointly committed to building a multipolar world.

China Russia pragmatic cooperation adheres to the principles of equality, mutual benefit, win-win, and common development, and has a high degree of consensus on opposing unilateralism and trade protectionism. The steady progress of economic and trade cooperation between China and Russia will inject stable, positive, and upward force into the world economic order and global economic governance, "said Xu Poling.