2018: Year of achievement for China-Russia cooperation

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China and Russia embraced fruitful results in economic and trade cooperation last year and new breakthroughs were made in both quantity and quality, the spokesperson for China's Ministry of Commerce (MOFCOM) said on Thursday.

Bilateral trade hits new high

In the first 11 months last year, the bilateral trade volume between China and Russia reached 97.24 billion U.S. dollars, up 27.8 percent year-on-year, according to the MOFCOM. China remains the largest trading partner for Russia. As of mid-December, the trade volume surpassed 100 billion U.S. dollars, a record high.

At the same time, the trade structure between the two countries continued to improve. The number of mechanical and electrical products, as well as hi-tech products, rose by 15 and 25 percent respectively. Farm produce increased by 31 percent.

Projects in emerging fields see significant results

The two countries conducted extensive cooperation in the fields of energy, nuclear, aviation and cross-border infrastructure. There was also constructive cooperation in emerging fields like the development of the Arctic and digital economy.

Regional cooperation moves forward

As 2018 marked the Year of Regional Cooperation and Exchange between China and Russia, the two countries signed the Development Planning of Northeast China and the Russian Far East. Enterprises from both sides also tapped new opportunities through the 1st China International Import Expo (CIIE) in the Chinese city of Shanghai and the 4th Eastern Economic Forum in Russia's Vladivostok.

The 4th Eastern Economic Forum in Vladivostok, Russia, September 11, 2018. /VCG Photo

Still, the China-Russia regional cooperation fund was officially established, further providing financing support for regional projects.

This year marks the 70th anniversary of the establishment of diplomatic ties between China and Russia. China stands ready to push the economic and trade ties between the two towards a higher level, injecting a new engine for the China-Russia comprehensive strategic partnership.