Economy

Sino-Russian trade back on fast track: officials

(Xinhua)
Updated: 2010-08-21 16:01

MOSCOW - Trade between China and Russia has returned to the fast track in 2010, as bilateral trade volume reached $30.7 billion from January to July, Russian and Chinese officials said here Friday.

That represented a 49.6-percent increase year-on-year, the officials said at the 13th meeting of the Russia-China inter-governmental trade commission, which was co-chaired by Russia's Economic Development Minister Elvira Nabiullina and her Chinese counterpart Chen Deming.

Mutual investments also surged this year, as Chinese direct investment to Russia jumped 58.5 percent during the first half of 2010 and the Russian investment to China up 18.3 percent, they said.

Related readings:  Russia bans grain exports amid severe drought  China's trade surplus likely to shrink  Sino-Russian trade up 50% in first 7 months  China may introduce stimulus to boost imports

Russia is interested in continuing cooperation in such areas as electric power, nuclear energy, logistic infrastructure, Nabiullina said.

Chen said Chinese companies are willing to increase investment in Russian enterprises and to take part in their infrastructure construction.

He noted that China would take active measures to promote the import of Russian mechanical and electrical products, and also hopes that in return Russia will open its market to more Chinese cars.

During the meeting, chambers of commerce and companies from the two countries inked several cooperation agreements.