Li Keqiang Visit to Russia Intensifies Russian-Chinese Economic Cooperation

Sept. 17, 2019 (EIRNS)—Chinese Premier Li Keqiang’s Sept. 16-18 official visit to Russia will focus on key directions in future bilateral cooperation and broaden the space for practical cooperation between the two countries, Chinese Ambassador to Russia Zhang Hanhui said yesterday in a signed article.

The two sides will exchange ideas on fully implementing the important strategic consensus reached by the two countries’ heads of state, sign key documents on bilateral cooperation and inject strong vitality to the development of a comprehensive strategic partnership of coordination for a new era, Zhang said. Zhang mentioned the breakthrough in bilateral trade as the first of all the fruitful results. In 2018, bilateral trade between China and Russia hit a record high of over $100 billion. Bilateral trade has maintained steady growth momentum since this year, reaching $61.13 billion by the end of July, a 4.7% year-on-year increase.

Secondly, China and Russia have taken concrete steps to push for major cooperative projects. The Yamal liquefied natural gas project in Arctic Russia, in which China is a major participant, has seen smooth operation of its production lines. The two sides have also signed agreements to promote cooperation in the nuclear sector and satellite navigation systems, and made steady progress in the joint development of a wide-body long-haul passenger jet.

Thirdly, cooperation in investment has made positive progress, Zhang wrote. Six Chinese banks have established branches in Russia, forming cooperative relations with their Russian counterparts. The two sides have also strengthened financial cooperation in the frameworks of the Asian Infrastructure Investment Bank (AIIB), the Silk Road Fund and others. In addition, the two countries have been boosting their interconnectivity. The article cited examples including the construction of the China-Mongolia-Russia Economic Corridor, and the launch of direct air routes connecting cities of the two countries.

Furthermore, local-level and border cooperation has deepened, as the two sides established “Yangtze River-Volga River” and “China’s Northeast-Russia’s Far East” regional cooperation mechanisms and set up relationships between 140 pairs of sister cities and provincial-level regions. Zhang pointed out that the two big economies are complementary in industries and share broad cooperation prospects.