Minister: China, Russia to reach $200b trade target ahead of schedule
Updated 17:01, 23-Mar-2023

China and Russia are expected to achieve a targeted annual trade of $200 billion ahead of schedule as the two countries continue to step up efforts to enhance business cooperation in various fields, the Russian economy minister told CGTN on Wednesday.

In 2019, both countries jointly set the goal of bilateral trade reaching $200 billion by 2024, according to Russian Minister of Economic Development Maxism Reshetnikov. The minister said he is confident this number will exceed $200 billion this year.

Reshetnikov said that the past years have witnessed constant growth in trade, especially in the energy sector, and Russia is increasing gas supplies to China and is now one of China's largest suppliers of oil and petroleum products.

Russia became China's top oil supplier in January and February, shipping 15.68 million tonnes of crude oil to the world's second-largest economy, Chinese customs data showed on Monday. 

Russian energy giant Gazprom also on Monday set a new record for daily natural gas deliveries to China via the Power of Siberia pipeline, according to a TASS report.

He added that, in addition to the fast expansion in volume, the scope of China's economic and trade investment in Russia has continuously expanded.

On Tuesday, Chinese President Xi Jinping and Russian President Vladimir Putin signed a joint statement on a plan that pledges to develop key areas of China-Russia economic cooperation up to 2030. 

Xi said China is ready to expand cooperation with Russia in trade, investment, supply chain, mega projects, energy, and hi-tech areas when he met with Russian Prime Minister Mikhail Mishustin on Tuesday.

In the first two months of this year, trade between China and Russia surged by 25.9 percent and hit $33.69 billion.

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