December 21, 2023
“Xi & Russia Shatter Record Trade: Surpass $200 Billion target!
China's President Xi Jinping has praised the magnitude of the collaboration between China and Russia as the bilateral trade hit an all-time high of $200 billion, surpassing the two countries' 2020 target of $200 billion.
Speaking in an online address to the Russia-China Cooperation 2019 Forum, President Xi emphasized the importance of enhancing cooperation between the two countries to create greater economic synergy. He stated that for Beijing and Moscow forming close ties was a major priority due to the shared history between the two countries as well as their position in the international political and economic landscape.
As a result, the recent figures released for bilateral trade between China and Russia has provided evidence of the success of their collaboration in recent years. Last year, the two countries saw a 9.3 percent increase in trade exchange, with China's exports to Russia increasing by 11 percent and imports to China growing by 6.4 percent to reach a total of $204 billion.
This is the first time since the two countries' leadership made a joint commitment to reach $200 billion in bilateral trade that they have achieved this milestone. Notably, this success was achieved despite a slowing global economy and the impact of US-China trade strife.
Commenting on this cooperation, President Xi pointed out that good relations between China and Russia provided a strong foundation for economic and trade exchanges between the two countries as well as their respective regions. Moreover, the President acknowledged the importance of harnessing the potential of technology to facilitate the development of cutting-edge products for high-speed railway communication, new materials, energy, and aerospace projects.
The success of the two countries in reaching this milestone and the commitment of political leaders to continue striving for more intense cooperation is a testament to the solid relationship between the two countries and reinforces the commitment and trust shared between Beijing and Moscow.