BIZCHINA / Center |
Sino-Russian trade to hit $40bBy Li Fangchao (China Daily)Updated: 2007-06-16 06:43
HARBIN: The Sino-Russian trade volume is expected to exceed $40 billion this year, State Councilor Tang Jiaxuan said on Friday. Speaking at the 18th China Harbin Fair for Trade and Economic Cooperation, Tang said the good political relations between the two countries will push Sino-Russian economic and trade exchange to a new high this year. The trade volume soared from $6.83 billion in 1996 to $33.4 billion in 2006. In the first four months this year, the figure was $12.5 billion. China is the fourth largest trade partner of Russia while Russia is China's eighth largest trade partner. Tang said the two countries have launched a series of new cooperation programs in the fields of energy, aviation and construction. China and Russia have set a strategic goal to realize a bilateral trade volume of $60-80 billion by 2010. He said the two countries should work harder to adjust the current simple trade structure to upgrade economic and technological cooperation. Light industry products like textiles, clothes, shoes and home appliances account for the majority of China's exports to Russia, while Russia's exports mainly focuses on crude oil, logs and steel. Liu Xueliang, vice-governor of Heilongjiang Province, said: "The current trade volume is still small and fails to match the economic and technological standards of both countries."
(China Daily 06/16/2007 page2) (For more biz stories, please visit Industry Updates) |