Editor's note: Masuda Khatun, a special commentator for CGTN, is an international affairs analyst and freelance columnist. The article reflects the author's opinions and not necessarily the views of CGTN.

At the invitation of Russian Prime Minister Mikhail Mishustin, Chinese Premier Li Qiang is visiting Russia from August 20 to 22. During his visit to Russia, Li held the 29th regular meeting of Chinese and Russian heads of government with Mishustin. The meeting has been an essential mechanism since 1996 for evaluating and coordinating bilateral cooperation across a range of fields. The purpose of the meeting is to exchange in-depth views on issues of common concern and practical cooperation in bilateral relations, as well as to sign several intergovernmental documents.

China and Russia's ties are strengthening despite the continuous turbulence in the world, and both Beijing and Moscow cherish that they will continue to grow. China and Russia's economic cooperation has grown, deepened and improved in terms of quality and efficiency. Stable industrial and supply chain systems have been fostered by cross-border trade, and connectivity projects including the China-Eurasian-EU freight train service under the Belt and Road Initiative (BRI) project, and greater investment in low-carbon, green, and energy-security sectors.

The fact that the 29th conference has been scheduled indicates that China and Russia have been continuing a good-neighborly kind of cooperation that has been growing over the years. In addition, the two major neighboring nations and members of the United Nations Security Council (UNSC) strive for regional stability, the interests of the Global South, and a more equitable world.

Li's visit coincides with China and Russia's ongoing intensification of high-level diplomatic relations and high-level regular exchanges. This visit is seen as another tangible step in an increasingly solid relationship, following Chinese President Xi Jinping's state visit to Russia in 2023 and Russian President Vladimir Putin's visit to China in May of 2024.

During the visit, China and Russia have a critical chance to coordinate trade matters, collaborate on larger projects and strengthen their already solid relationship, and expand their trade and economic ties while realizing reciprocal gains and pursuing common development objectives. A complete agenda and a wide variety of issues are anticipated during Li's visit, which will further advance bilateral cooperation to a deeper and more comprehensive level. The visit is a clear indication of the advancement of the high-level agreement that Putin and Xi achieved. The 29th regular meeting offers a perfect opportunity to evaluate multifaceted progress in the economic, cultural, and security spheres and chart the future course of action for the next quarter of this year by advancing the ties with charm and vibrant diplomatic dances.

Enhancing cultural and people-to-people exchanges, as well as sub-national interactions, is crucial for strengthening the China-Russia comprehensive strategic partnership for a new era. This partnership aims to boost bilateral cooperation across various sectors, including trade and economic collaboration in crude oil, natural gas, timber, copper, seafood, and potash fertilizers. It also encompasses advancements in industry, agriculture, connectivity, transportation infrastructure, logistics, and real-sector trade. Furthermore, the partnership focuses on expanding transborder business and cooperation in key industries such as energy, automotive, aviation, shipbuilding, and household appliances.

Trade in services, the digital economy, green development, and encouraging local governments and businesses to engage in more practical cooperation are all experiencing growth and will continue to do so in the near future. Bilateral cooperation in the areas of education, science and technology, culture, tourism, sports, and health are also growing at a bilateral level.

Trade and collaboration in the areas of green energy, new high-quality labor forces, and new energy vehicles would be very beneficial. Additionally, the two nations worked together on the Yamal LNG project and the Power of Siberia gas pipeline, and the integration of BRI and the Eurasian Economic Union (EAEU). 

Russia wants to promote sustainable growth by growing its industrial capabilities, opening up trade, encouraging economic diversity, and joining the global value chain. While Russia is promoting the faster development of its Far Eastern areas, China is still undergoing significant reforms and modernization, which opens up new opportunities for practical cooperation between the two countries. Therefore, the Kremlin's main foreign policy goal going forward will be collaboration with China. It is anticipated that this connectivity will work together to facilitate trade and create a more reliable supply chain and industry.

The target of $200 billion in bilateral commerce by 2024 was already met in 2023, with $240 billion in trade. The visit will be crucial in identifying extensive areas of collaboration in line with the Pre-2030 Development Plan on Priorities in China-Russia Economic Cooperation. On August 19, Russian Finance Minister Anton Siluanov hoped that trade volume between China and Russia would surpass the record set the previous year in 2024. The General Administration of Customs of China reports that the amount of commerce between China and Russia from January to July was $136.67 billion, up 1.6 percent over the previous year. Cooperation in the energy sector is notable. The value of Russian pipeline gas supplies to China from January to July surpassed $4.69 billion, a 19 percent increase over the same time last year.

As a consequence of win-win collaboration, commerce between China and Russia has expanded quickly. Russia's economy and China's are very complimentary to one another since Russia has substantial advantages in terms of natural and agricultural resources and route connectivity, while China has advanced and useful technology, equipment, and adequate cash. Chinese businesses can make investments in the Russian economy, encompassing the mining industry, innovative technology, pharmaceuticals, automobiles, and environmental initiatives. China's northeastern rejuvenation and Russia's Far East development can go hand in hand thanks to the high-quality cooperation approach.

Their cooperative efforts have already enhanced multilateral forums such as the United Nations, the Shanghai Cooperation Organization (SCO), and the BRICS, amidst a tumultuous global landscape. These multifaceted collaborations represent a continuous advancement toward the establishment of a comprehensive strategic cooperative relationship between China and Russia and are crucial steps on the road to cooperation between the two countries.

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