Andrei Belousov: Trade in Russia and China can reach $300 billion by 2030

The 10^th meeting of the Intergovernmental Russian-Chinese
Commission on Investment Cooperation chaired by First Deputy Prime Minister of
Russia Andrei Belousov from Russia’s
side and by Deputy Prime Minister of the State Council of China Ding Xuexiang
from China’s side was held
in Beijing.

“Today Russian-Chinese relations of comprehensive
partnership and strategic cooperation have reached an unprecedented high level
and continue developing in all areas. They are built on a firm foundation of
mutual respect, equality, and trust, non-interference in each other’s internal
affairs, and cooperation in each other’s development and prosperity,” Andrei
Belousov noted.

The first deputy prime minister added that President
of Russia Vladimir Putin and President of China Xi Jinping set a goal during
their two personal meetings this year to further promote investment
cooperation. The commission’s overall goal is to implement the agreements
reached at the highest level, he added.

“China
is our key partner in trade and investment. Since the beginning of 2023, our
trade has grown by a third. According to our estimates, by the end of the year
we will exceed $200 billion, which we had planned to reach later, in 2024. By
2030, this indicator will reach $300 billion,” First Deputy Prime Minister
said.

The amount of mutual transactions in national
currencies between Russia and
China
is growing, with 95 percent of all transactions carried out in the rouble or
the yuan. Investment cooperation between Russia
and China
is expanding. New joint investment projects in priority sectors such as
automotive engineering, mining and the oil and gas industry, agriculture,
logistics, and ICT are being initiated.

“Due to the range of Western companies leaving the
Russian market, new opportunities are opening for our Chinese partners to
participate with large Russian oil and gas, petrochemical, and automotive
engineering enterprises, as well as companies producing commodities, glass
products, and construction materials,” Andrei Belousov added. He stressed the
importance of implementing the proposals made at the commission meeting.

During his visit to Beijing, the First Deputy Prime Minister also
met with the heads of the Chinese companies participating in the Russia-China
Consultation Committee, which functions under the Intergovernmental Commission.

The Russian delegation included representatives from
the Ministry of Industry and Trade, VEB.RF, the Russian Direct Investment Fund,
Irkutsk Region Governor Igor Kobzev, Primorye Territory Governor Oleg
Kozhemyako, as well as the heads of companies and business associations.

Deputy Minister of Economic Development Vladimir
Ilyichev, head of the secretariat of the Russian delegation, reviewed the
activities of the commission secretariats and outlined further plans. New joint
projects were selected, and a number of them were agreed upon for implementation.
Mr Ilyichev noted that the final approval process for the updated plan for
investment cooperation between Russia
and China
was currently underway; it is scheduled to be approved in 2024.

The Deputy Head of the Russian Ministry of Economic
Development proposed a new practice to conduct joint on-site reviews by the
commission secretariats to assess the progress of projects and discuss support
measures.

“This could become a new and effective mechanism for
promoting these projects,” Vladimir Ilyichev said.