Despite all the challenges, 2023 was a breakthrough year for Russia in several areas, showing positive dynamics, especially in trade with China. Among China’s foreign economic partners, Russia experienced the most rapid growth in trade.
“Last year, Russia practically became the leader in the growth rate of trade among China’s main partners,” said Ivan Zhelokhovtsev, Director of the First Department of Asia, in an interview with RIA Novosti.
This allowed Russia to rise to fourth place in the overall rating of Beijing’s foreign trade partners. Moreover, over 90% of bilateral settlements are already conducted in national currencies, according to Ivan Zhelokhovtsev.
“Our country expects higher trade figures with China in 2024 after achieving record results last year when Russia-China trade exceeded the $200 billion mark ahead of schedule and reached a record $227.7 billion. I am confident that this trend will continue, and our bilateral economic and political relations will only strengthen,” said Petr Popov, President of the National Project Support Fund and former Vice Governor of the Zabaikalsky Krai, to GORUS. “The general goal of the countries is to continue increasing the scale of mutual trade by improving logistical interconnectivity, expanding and strengthening energy, financial, and industrial cooperation, including in innovative and high-tech areas.”
According to the expert, qualitative transformations are already occurring. For example, the gradual opening of the Chinese market for Russian agricultural products has allowed this commodity category to become the second-largest in Russia’s exports, following energy resources. Additionally, the number of Chinese cars on Russian roads has significantly increased.
According to Petr Popov, the National Fund is currently discussing several projects with Chinese partners, both in Zabaikalsky Krai and other regions. Colleagues are interested in investing in the tourist infrastructure of the Murmansk Oblast, Irkutsk Oblast, and other attractive tourist destinations.
One such example is the creation of an advanced development international territory on the border between Zabaikalsky Krai and China, which will attract investments from Chinese entrepreneurs. There are also plans to build infrastructure in Krasnokamsk to provide comfortable living conditions for importers and exporters of goods from China and Russia.
“Russia and China are experiencing a new stage in the development of economic and political relations. Our current interests coincide in both international politics and the economic sphere. The development of partnership in this direction is a victory for Russian diplomacy,” concluded the expert.
Photo: RIA Novosti / Vitaly Belousov