Русский
Bilateral trade between Russia and China is expected to reach slightly above US$220 billion by the end of 2025, despite the market-driven adjustment currently affecting trade indicators, the Russian Ambassador to China, Igor Morgulov has said.
He was addressing faculty members and students of the Renmin University of China, and stated “At present, due to a number of market-related factors, a natural adjustment is underway and trade volumes have declined, but by the end of the year we will once again surpass, by a wide margin, the US$200 billion target that was previously set by the leaders of our countries.”
Morgulov said that the development of economic cooperation is taking place under what he described as “unprecedented pressure” from the West, aimed at containing the development of both countries. According to him, Moscow and Beijing have managed to establish stable settlement mechanisms, which are now carried out almost entirely in roubles and yuan.
The Russian ambassador also noted that China has remained Russia’s leading foreign trade partner for 15 consecutive years, while Russia ranks fifth in China’s trade balance. Over the past three years, mutual trade turnover has increased by nearly US$100 billion.
We previously examined the changing dynamics of Russia-China trade, and the new emphasis on industrial cooperation in this article here.
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