China and Russia cultivate new drivers of trade growth
The number of bilateral trade between China and Russia reached $6.55 billion in January, up 34% from a year earlier, according to data released by China's general administration of customs. The analysis shows that trade between the two countries in the world economic recovery is showing a good momentum, not only the opening of the red, but also the further growth in 2017.
In January, Russia's exports to China rose 39.3 percent to $3.14 billion, according to China's general administration of customs. China's exports to Russia rose 29.5 percent, to $3.34 billion. China remains Russia's big trading partner. Last year, China's ministry of commerce Eurasian department deputy director Wang Kaixuan said, sino-russian trade volume of $69.53 billion, up 2.2% from a year earlier, in China and other major trading partner trade volume has decreased, grow. The bilateral trade between China and Russia is expected to continue to grow this year as energy prices recover. Economic and trade cooperation has been in good shape
In 2000, trade between China and Russia was only $8 billion. Through unremitting efforts of the two countries, bilateral trade volume increased to us $95.3 billion in 2014. In recent years, the trade volume between China and Russia has decreased due to the sluggish world economy and low international oil prices. In the current world economic recovery and rising protectionism, it is not easy for the two countries to achieve rapid growth earlier this year.
China's ambassador to Russia li hui said in an interview with Russian media that china-russia economic and trade cooperation is showing positive development. Russia's ambassador to China, Jason denisov, said in recent days that bilateral relations have come a long way in various fields in recent years. The two ambassadors agreed that bilateral trade still has the potential to reach the target of $200 billion by 2020, even if the current global economic situation is not favorable enough.
Show vitality, trade structure continuously improve
At the start of the Russian rouble devaluation crisis, Russian scholars said that "danger" contained the "machine". In the spring of 2015, although a lot of people in the business for the up and down the rouble concern, but the Russian federal financial university professor, may add to our reporter said he saw a very good momentum in the sino-russian bilateral trade, weak years of mechanical and electronic trade between the two countries showing the vigor.
External situation bad let Russia had to adjust the economic structure, excessive dependence on oil and gas export import substitution plan, efforts to promote the development of other industries, and expand economic cooperation partners in the region. China is undergoing industrial transformation and upgrading, and the trade structure of the two countries has improved accordingly. According to China's ministry of commerce data, mechanical and electrical products import and export performance between China and Russia in 2016, China's mechanical and electrical products exports to Russia rose more than 30%, combined with high-tech products, China's mechanical and electrical products accounted for more than 60% of the total exports to Russia. China's imports of mechanical and electrical products from Russia have increased by 35 percent.
China's emergence as a big buyer of Russian food is another highlight of the bilateral trade between China and Russia in 2016. Russia has emerged as the world's largest wheat exporter in recent years. Last year, China imported more than $1.8 billion from Russia, an 18% increase. China will also import some new agricultural products from Russia in 2017, and bilateral agricultural trade will continue to grow, wang said.
China's booming Internet economy has also given new impetus to bilateral trade. Russian buyers have been a keen participant in China's "double 11". In 2015, the cross-border e-commerce trade between China and Russia was close to $3 billion. China accounts for 80 per cent of all ecommerce transactions in Russia. At present, China's e-commerce leading enterprises such as alibaba, jingdong actively expand their business in Russia, continuously improve service levels, Russian Banks and technology firms are also trying to improve the network of international trade payment link.
The advantages are complementary, and we work together to build a solid foundation
Russia's GDP grew by 0.7% in the first 10 months of 2016, while industrial output grew by 0.3%. The Russian economy has bottomed out and is expected to pick up further in 2017, according to many analysts. Russia's unemployment rate will fall significantly this year, and real incomes will accelerate, with growth likely to hit 1 and 2 per cent in the first half and second half of the year, according to Russia's economic development minister. This will further cement the trend of trade between China and Russia.
Wang Kaixuan said that china-russia strategic cooperation projects, such as aerospace, nuclear power, oil, natural gas, the construction of infrastructure such as high-speed rail, cross-border bridge project in advance, this will bring new growth engine for trade between China and Russia.
Li hui believes that China and Russia have advantages in resources, market, capital and technology. The two sides have strong economic capacity, strong industrial complementarities, broad market space and strong willingness to cooperate. Both sides should optimize trade structure and jointly promote trade liberalization and facilitation to reduce trade costs. We will support the development of new forms of trade such as cross-border e-commerce and foster new growth areas for trade.
China's industrial competitiveness report (2016) released by the Chinese academy of social sciences (cass) on February 15 pointed out that sino-russian trade has advantages such as high complementarity, low competitive intensity and close ties. New kinetic energy, the two countries should foster trade between China and Russia should be docking in Russian import substitution policy, docking in big railway across Europe and Asia, Russia and the Russian economic corridor construction, pay attention to build system of industrial division of labor between the two countries, increase the intensity of the advance of industry inner trade. Russia should take advantage of China's capital, market and labor force to cultivate and upgrade its dominant industries and actively participate in the world division of labor.
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