Putin visit signals closer ties
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China.org.cn, October 11, 2011
China and Russia signed $7.1 billion trade and investment agreements on Monday, while high-level officials from both sides vowed to boost economic cooperation amid the global debt crisis.
![Chinese Vice-Premier Wang Qishan and his Russian counterpart Alexander Zhukov looking at a photo during the sixth China-Russia Economic and Business Summit in Beijing on Monday. In 2010, bilateral trade grew 43.1 percent year-on-year to $55.45 billion. [China Daily]](http://images.china.cn/attachement/jpg/site1007/20111011/000cf1bdd03f0ffde2a515.jpg "Chinese Vice-Premier Wang Qishan and his Russian counterpart Alexander Zhukov looking at a photo during the sixth China-Russia Economic and Business Summit in Beijing on Monday. In 2010, bilateral trade grew 43.1 percent year-on-year to $55.45 billion. [China Daily]") |
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Chinese Vice-Premier Wang Qishan and his Russian counterpart Alexander Zhukov looking at a photo during the sixth China-Russia Economic and Business Summit in Beijing on Monday. In 2010, bilateral trade grew 43.1 percent year-on-year to $55.45 billion. [China Daily] |
One day ahead of Russian Prime Minister Vladimir Putin's official visit to China on October 11, businessmen from China and Russia clinched 16 economic and trade cooperation deals, in a wide range of fields including new energy, mining, machinery, vehicle, electronics and agricultural sectors.
Speaking at the opening ceremony of the sixth China-Russia Economic and Business Summit in Beijing on Monday, Chinese Vice-Premier Wang Qishan said: "China and Russia are both committed to conducting a transformation of their economic development, and there is a strong willingness on both sides to enhance bilateral economic cooperation."
Wang expects the two sides to expand mutual cooperation in the sectors of new energy, energy conservation and environmental protection, high technology, advanced equipment, bio-pharmaceuticals and information technology.
At the invitation of Chinese Premier Wen Jiabao, Putin will attend the 16th regular meeting between the two countries' premiers from Tuesday in Beijing, the first overseas trip by the incumbent premier since he announced his decision to run for Russia's next president.
Putin will be accompanied by a delegation of 250 members, including top business leaders during his two-day visit in China, during which he will meet top Chinese leaders including Chinese President Hu Jintao and Premier Wen Jiabao.
In Putin's meeting with Wen, China and Russia will sign a "cooperative memorandum for economic modernization" to further guide bilateral economic cooperation, according to Wang.
Although gas deal talks are expected to be a top priority for Putin during his China visit, chances of a beakthrough on the talk are still slim.
Alexander Medvedev, deputy chief executive of Gazprom OAO, said China and Russia are far apart on pricing, which is holding up the agreement.
"We cannot pin too high hopes on a breakthrough on this issue," said Jiang Yi, an expert on Russian studies at the Chinese Academy of Social Sciences.
China became Russia's largest trading partner last year. In 2010, bilateral trade increased by 43.1 percent year-on-year to $55.45 billion, almost reaching the pre-financial crisis level, according to China's General Administration of Customs.
The two countries vowed to increase their annual bilateral trade to $100 billion by 2015 and $200 billion by 2020.
From January to August, China-Russia trade surged 43.7 percent year-on-year to $50.8 billion, according to Customs.
"It's very eye-catching, against the backdrop of a weak global economy, and the bilateral trade relies largely on the exchange of raw materials and energy," said Jiang.
China's investment in the non-financial sector in Russia rose by 43.8 percent to $594 million last year, with the money going into energy, mining, forestry, manufacturing and infrastructure projects.
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