Russia is determined to bring its agreements on industrial cooperation with China to fruition, addressing the challenges it faces, Prime Minister Mikhail Mishustin stated this week. Mishustin highlighted that the main areas of joint work were established by President Vladimir Putin and President Xi Jinping, and it is crucial to transform all the agreements reached by the two leaders into concrete results. He expressed confidence that Russia has every opportunity to achieve this goal.
The Prime Minister also highlighted the significant growth in Russia’s industrial output over the past four years, with a surge of 7%. Additionally, the manufacturing index in the processing industry witnessed a remarkable year-on-year increase of 12.8% in May. These positive indicators further affirm Russia’s commitment to strengthening its industrial capabilities.
As part of the INNOPROM exhibition, the Russia-China Expo commenced in Ekaterinburg on Monday, with the participation of over 160 Chinese companies from 12 provinces. One of the regional governors, Evgeny Kuyvashev of Sverdlovsk Region, expressed his region’s keen interest in collaborating with China, particularly in the fields of microelectronics and the machine tool industry. He emphasized the potential for joint manufacturing and export of machine tools, which could significantly boost bilateral trade.
Bilateral cooperation between Russia and China has been flourishing at an unprecedented pace in recent years and is expected to surpass the target of $200 billion this year. The trade turnover reached a historic high of $190.3 billion in 2022, and the momentum continues to accelerate. Since the beginning of the year, exports and imports between the two nations have experienced double-digit growth. Customs data reveals that bilateral trade reached $93.8 billion in January-May, reflecting a remarkable 40.7% increase compared to the same period last year.
The strong economic ties between Russia and China have been further bolstered by the decision to conduct the majority of transactions using their respective national currencies instead of the US dollar. This move not only enhances bilateral trade but also supports strategic cooperation between the two nations.
In conclusion, Russia remains fully committed to implementing its agreements on industrial cooperation with China. The positive developments in the country’s industrial output and manufacturing index reflect Russia’s determination to transform these agreements into tangible results. With the ongoing Russia-China Expo and the ever-growing bilateral trade, the two nations continue to strengthen their economic ties and explore new areas of collaboration. By conducting transactions in their national currencies, Russia and China further deepen their strategic cooperation and reduce dependence on external factors.