Russian PM outlines extent of growing trade ties with China — RT Business News


Economic cooperation could reach historic high this year, says Mikhail Mishustin

Trade between Russia and China is growing at an unprecedented rate and could reach a record $200 billion this year, Russian Prime Minister Mikhail Mishustin said at a business forum in Shanghai on Tuesday.

According to the senior official, trade turnover between the two countries in January-March reached about 52 billion U.S. dollars, an increase of nearly 25 percent over the same period last year. Mishustin praised Moscow and Beijing’s efforts to take economic cooperation to new heights.

China has been Russia’s main trading partner for more than ten years. And in the first three months of this year, our position (among China’s trading partners) also changed – we fell from tenth to seventh place.,” he noted.

Mishustin added that bilateral trade had been strengthened by the mutual decision to conduct the majority of transactions in national currencies instead of the dollar. According to the Prime Minister, the American currency has become an unreliable means of payment for Russia amid sanctions linked to the Ukrainian conflict.

While in 2021 only around a quarter of settlements between our countries were made in national currencies, last year it was almost two-thirds. We will continue to increase the independence of bilateral financial cooperation and thus strengthen economic sovereignty“, promised the manager.

According to Mishustin, Russian farmers and other producers are ready to further increase their exports to China, as the two countries strive to provide opportunities for cross-border business cooperation.

The new conditions open up additional opportunities not only to expand the presence of Chinese companies in Russia, but also to launch production facilities on Chinese territory, including in special economic and industrial free zones,” he stated.


The Prime Minister stressed the importance for Russian and Chinese companies to join forces and share resources”to create competitive and affordable products needed by industries and consumers.“According to the official, there are already about 80 joint projects underway with investments of more than 165 billion dollars.

Mishustin also said that in order to further boost trade, the two countries should focus on expanding transportation routes, including air traffic, the Northern Sea Route and routes through Kazakhstan and Mongolia.

Mishustin is expected to meet Chinese President Xi Jinping and Premier Li Qiang on Wednesday to discuss further cooperation in energy, transportation infrastructure and agriculture.

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