China-Russia trade volume expected to reach $100b this year

2018-04-27
Xinhua

BEIJING — Trade volume between China and Russia is expected to reach or even exceed $100 billion this year, according to the Ministry of Commerce (MOC).

“Bilateral trade is gaining steam,” said Liu Xuesong, a senior MOC official, at a press conference, citing the nearly 30-percent growth of China-Russia trade volume in the first quarter.

China has been Russia’s largest trading partner for eight consecutive years. Bilateral trade totaled over $84 billion last year, up 20.8 percent year-on-year.

China’s direct investment in Russia surged 72 percent to reach $2.22 billion in 2017.

“China will continue to expand mutual investment and cooperation on strategic major projects with Russia, and enhance the quality and level of bilateral economic cooperation,” Liu said.