Source: CCTV.com

11-07-2006 14:20

Two-way trade volume between China and Russia, surged to 29 billion US dollars in 2005, setting a new record. Let's take a look at what has already been accomplished, so far.

Trade volume between China and Russia reached 24.6 billion US dollars in the first 9 months of this year. If the current growth trend continues, the two countries will likely realize 36 billion US dollars for the whole year, and a target of 50 billion US dollars by 2009.

The prospering Yabaolu Market area near Beijing's diplomatic zone is a good example -- Many people simply call it the Russian Market. Because most of the shoppers here are foreign, and a large percentage are Russian.

For years, these businesses at Yabaolu, together with small markets near the Sino-Russian border, accounted for about 50 percent of China's exports to Russia.

But in recent years, government efforts have brought bilateral trade to new heights.

Research fellow Xia Yishan of China Inst. of Contemporary Int’l Relations, said: "Thanks to the efforts of both sides, Sino-Russian trade relations have developed fast. Trade volume has increased by more than 30 percent annually. But as strategic partners, the two countries realize the size of bilateral trade is still small. And they have expressed determination to expand ties."

Of all the cooperation, the step by step implementation of bilateral energy projects will certainly contribute to economic growth in both countries and will help improve energy security in the Asian region.

Xia said: "I think the growth in bilateral trade will mainly come from enlarged cooperation on energy and technology. Russia has advantages in both these areas. Deepening collaboration in these fields will help improve our trade structure."

During Russian President Vladimir Putin's visit to China this March, the two countries signed a substantial package of documents dealing with energy cooperation, which provide a favourable incentive for interaction in this area. Russia has started constructing the Eastern Siberia to Pacific Ocean oil pipeline. Crude oil through railway has already been delivered to China strictly according to schedule, and the volumes are steadily growing.

China is now Russia's fourth largest trade partner.

And both sides hope to boost bilateral trade to between 60 to 80 billion US dollars by 2010. Analysts say the soaring trade is expected to exceed all existing targets ahead of schedule.

 

Editor:Wang Ping