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Russian-Chinese trade, economic forum opens in Moscow

Published: 18 Jun 2009 00:52:36 PST

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Jun. 18, 2009 (China Knowledge) - A Chinese delegation of more than 300 representatives from some 200 enterprises attended the Russian-Chinese trade and economic forum that opened in Moscow on Tuesday.

The Chinese delegation, which arrived in Moscow on Monday, has signed contracts worth more than US$3 billion in the fields of mechanics, light industry, high technology, energy and resource development, and project contracting.

Due to the efforts of leaders and entrepreneurs from both countries, the China-Russia trade cooperation maintained healthy development, said Jiang Yaoping, China's deputy minister of commerce, adding that the trade volume hit US$56.83 billion in 2008, nine times than that in 1999.

China's direct investment in Russia amounted to US$1.71 billion as of the end of March this year, while Russia's direct investment in China reached US$720 million.

Sino-Russian trade plunged 39.2% from a year earlier to US$13.5 billion in the first five months of this year due to the global economic downturn. However, the two countries are willing to strengthen their trade and economic cooperation and still have markets with great potential, said Jiang.

Russia and China are committed to developing a strategic partnership, and both sides have carried out cooperative programs in the energy and high-tech sectors despite the impact on bilateral trade caused by the crisis, said Russian Deputy Economic Development Minister Andrei Slepnyov, adding that Russia and China should join hands to counteract the global economic recession.

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