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Russia, China discuss economic cooperation

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  • Russia, China discuss economic cooperation

    http://en.rian.ru/business/20050812/41142444.html

    11:17 | 12/ 08/ 2005


    BEIJING, August 12 (RIA Novosti, Alexei Yefimov) - The eighth meeting of the sub-committee on trade and economic cooperation under the Russian-Chinese committee on preparation of regular meetings of prime ministers will be held in Beijing Friday.

    Russian Trade and Economic Development Minister German Gref and Chinese Minister of Commerce Bo Xilai co-chair the sub-committee.

    According to Russian officials, the meeting will discuss key issues of bilateral cooperation, including how to increase trade to $60-80 billion by 2010.

    "The sides plan to achieve this goal by changing the structure of bilateral trade and increasing the share of machinery and high-tech products," a ministry statement says.

    At present, Russia and China are developing a mid-term program on increasing trade, which includes specific measures, deadlines and executive bodies.

    The sides will also discuss measures to expand cooperation in the investment sphere and to attract Chinese investment to Russian economy.

    Since June 2004, two Russian-Chinese investment forums have coordinated 19 investment agreements worth more than $2 billion, Yelena Danilova, an Economic Development Ministry official, said.

    The most attractive sectors of the Russian economy for Chinese investors are infrastructure development, the timber and food industries, and telecommunications.

    Russia is a major trade partner for China, accounting for 1.84% of its neighbor's foreign trade in 2004.

    The rapid growth rate of bilateral trade has been maintained in 2005. In January-April, 2005 it was up 25.9% against the same period last year and stood at $7.84 billion.

    Russia's exports to China grew 21%, reaching $4.8 billion, and Chinese imports were up 34.7%, exceeding $3 billion, which brought the positive trade balance to $1.8 billion.
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