The eighth China-Russia Expo is set to take place from May 16 to 21 in Harbin, northeast China’s Heilongjiang Province. This significant event marks the 75th anniversary of the establishment of diplomatic relations between China and Russia, highlighting the enduring partnership between the two nations.
Russian President Vladimir Putin will pay a state visit to China from May 16 to 17, according to the Chinese Foreign Ministry. This visit, his first state visit after being sworn in for a new term, underscores the importance of the expo and the strengthening ties between the two countries.
The expo will feature a substantial lineup of Russian enterprises organized by the Ministry of Industry and Trade of the Russian Federation. Sixteen Russian federal entities will present their businesses, showcasing Russia’s socioeconomic development, investment opportunities, cooperative projects, quality products, and unique cultural elements. The event aims to foster extensive discussions and negotiations across various sectors between Chinese and Russian participants.
Attracting over 5,000 professional buyers from more than 120 delegations representing 44 countries and regions, the expo is expected to be a hub of international economic activity. The exhibition area will span 388,000 square meters, featuring more than 5,000 products across over 20 major categories from 10 sectors.
Since its inception in 2014, the China-Russia Expo, which alternates between the two countries, has attracted over 7,200 Chinese and Russian enterprises and more than 1.05 million merchants. It has facilitated contracts totaling 446.8 billion yuan (approximately $61.8 billion), significantly contributing to the economic collaboration between the two nations.
Continued Trade Growth
In recent years, the trade volume between China and Russia has been on an upward trajectory. In 2023, bilateral trade reached $240.1 billion, achieving the established trade target of $200 billion ahead of schedule. This trend continued into the first quarter of 2024, with bilateral trade reaching $56.68 billion, a year-on-year increase of 5.2 percent, according to data from the General Administration of Customs.
Trade expansion has been particularly notable in sectors such as energy, automobiles, general machinery, and equipment. Lyu Daliang, director of the General Administration of Customs’ Department of Statistics and Analysis, highlighted the ongoing growth in these traded products.
In a recent interview, President Putin emphasized the resilience of Russia-China trade relations amid external challenges and crises. Over the past five years, trade between the two countries has doubled. China has been Russia’s largest trading partner for 13 consecutive years, and in 2023, Russia ranked fourth among China’s trading partners. Notably, more than 90 percent of transactions between companies from the two countries are settled in their national currencies, underscoring the deepening financial cooperation.
The upcoming expo in Harbin serves as a testament to the robust economic partnership between China and Russia. As both countries continue to strengthen their ties, the event is poised to play a pivotal role in advancing mutual interests and fostering regional economic development.
Reference(s):
cgtn.com
