China-Russia trade to reach $90b

HARBIN - The volume of trade between China and Russia in 2012 will hit $90 billion, close to the $100-billion target for 2015 set during Russian President Vladimir Putin's visit to China early this month, a Russian trade representative predicted on Friday.

Bilateral trade in the first five months of this year has been growing steadily, with an increase of 20 percent year-on-year, the fastest among all China's major trade partners, according to Sergey Tsyplakov, trade representative of the Russian Federation in China.

"I think the goals of reaching $100 billion?in bilateral trade volume by 2015 and $200 billion?by 2020 are completely within reach," Tsyplakov said during the opening ceremony of the Russia Business Day in Harbin, capital of northeast China's Heilongjiang province.

"We are happy to see that border trade and the cooperation between local governments are more vibrant than before and have become an important part of bilateral trade," agreed Zhong Shan, China's vice minister of commerce, at the event.

Zhong also said that "holding this Business Day is an important platform for bilateral trade, and I have full confidence that the trade targets will be realized."

In 2011, bilateral trade reached $80 billion, a record high showing a 42.7 percent year-on-year rise.

The Russia Business Day is a major part of the ongoing 23rd China Harbin International Economic and Trade Fair. Official records show that $17.82 billion' worth of overseas-related contracts were signed at the 2011 fair.

Putin paid a state visit to China in early June and attended the 12th meeting of the Council of Heads of Member States of the Shanghai Cooperation Organization, held in Beijing from June 6 to June 7.