The 8th Eastern Economic Forum (EEF) took place from September 10 to 13 at the Far Eastern Federal University in Vladivostok, bringing together leaders and delegates to discuss the economic development of Russia’s Far East and collaboration with Asia-Pacific nations. Chinese Vice Premier Zhang Guoqing attended the forum at the invitation of the Russian government, signaling a strengthening of Sino-Russian relations.
On September 12, Russian President Vladimir Putin addressed the EEF plenary session, emphasizing the importance of the forum in promoting regional growth since its inception in 2015. Prior to his address, President Putin met with Vice Premier Zhang Guoqing, where they highlighted the “absolutely unprecedented historical level” of bilateral ties. They discussed enhancing cooperation in trade, energy, security, and humanitarian efforts.
Discussions at the forum covered a wide range of topics affecting both countries’ interests, including potential collaborations in automobile manufacturing, aviation, shipbuilding, and metallurgy. On the sidelines of the EEF, Vice Premier Zhang met with Russian Deputy Prime Minister and Minister of Industry and Trade Denis Manturov to explore these opportunities further.
The forum occurred amid increasing tensions between Russia and Western nations, as well as between China and certain Western countries. Both Russia and China have been advocating for respectful cooperation and non-interference in their sovereign affairs. The EEF provided a platform for the two neighboring countries to reinforce their partnership and address common challenges.
The shifting geopolitical landscape has led Russia to pivot towards Eastern markets, with China becoming a significant economic partner. China’s customs data indicates that by 2022, Russia was the top European nation exporting to China, ranking fourth in imports and second in overall trade turnover. Alfa-Bank, Russia’s largest private bank, announced plans to open an office in China, further cementing financial ties.
Trade between China and Russia is poised for substantial growth, with expectations to reach $200 billion this year, surpassing the 2024 target ahead of schedule. The EEF is expected to contribute to this growth by facilitating the development of Russia’s Far East in conjunction with China’s northeastern revitalization efforts. Enhanced collaboration and improved commercial infrastructure between Chinese and Russian cities are anticipated to realign industrial structures and boost economic prosperity in the region.
Beyond bilateral trade, Russia and China continue to cooperate on global issues such as climate change, nuclear non-proliferation, counter-terrorism, and regional conflicts. The deepening partnership between the two nations reflects a shared vision for mutual growth and stability in a changing world.
Reference(s):
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