Business
10:50, 28-Apr-2018
China-Russia trade volume expected to reach $100 bln in 2018
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The trade volume between China and Russia is expected to reach or even exceed 100 billion US dollars this year, according to the Ministry of Commerce (MOFCOM).
"Bilateral trade is gaining steam," said Liu Xuesong, a senior official from the Ministry of Commmerce, at a press conference, citing the nearly 30-percent growth of the China-Russia trade volume in the first quarter.
China has been Russia's largest trading partner for eight consecutive years. Bilateral trade totalled over 84 billion US dollars last year, up 20.8 percent year-on-year.
Notably, the growth rate in bilateral trade in electromechanical and hi-tech products reached 17.8 percent and 27 percent respectively, and the trade volume of agricultural products reached 4.08 billion US dollars, a record high in recent years.
China's direct investment in Russia surged 72 percent to reach 2.22 billion dollars in 2017.
"China will continue to expand mutual investment and cooperation on strategic major projects with Russia, and enhance the quality and level of bilateral economic cooperation," Liu said.
Source(s): Xinhua News Agency