Minister of Economic Development of the Russian Federation Maxim Reshetnikov and Minister of Commerce of the PRC Zhong Shan held the 23rd meeting of the Russian-Chinese subcommittee on trade and economic collaboration via videoconference. Ministers discussed a broad economic agenda ahead of high-level talks scheduled for the fall. The meeting was devoted to the issues of intensifying bilateral collaboration in the context of combating the spread of coronavirus infection and diversifying the forms of trade and economic ties between Russia and China. The meeting discussed the prospects for expanding trade in agricultural products, as well as strengthening collaboration in multilateral formats and the development of exhibition and fair activities.
In the first half of 2020, trade between Russia and China amounted to $ 48 billion, a decrease of almost 4 percent compared to 2019 ($ 50 billion over the same period). Against the backdrop of a global decline in business activity due to restrictions imposed in connection with the coronavirus pandemic, Russian exports to China in the first half of 2020 amounted to $ 23.6 billion, down 8.7 percent. Imports from Russia to China for the same period amounted to $ 23.4 billion, an increase of 1.15 percent over the same period in 2019.
The resumption of external and growth of domestic demand had a tangible impact on the Chinese economy and, according to the report of the financial analytical center of the Bank of Communications of China, under the optimistic scenario, the economy will grow 2.5 percent on an annualized basis. In the Q2 2020, China's GDP increased by 3.2 percent.
Based on data from the Federal Customs Service of Russia, China's share in Russia's foreign trade turnover in the first half of 2020 was 18.2 percent versus 15.7 percent in the same period of 2019. In terms of its share in Russian trade in the first half of 2020, China took first place (as in the first half of 2019). China's share in Russia's exports in the first half of 2020 amounted to 14.9 percent against 12.6 percent in the same period of 2019. In terms of its share in Russian exports in the first half of 2020, China took 1st place (the same was its place in the first half of 2019). China ranks first in terms of its share in Russian imports in the first half of 2020 - 23.2 percent versus 21.5 percent in the same period of 2019.
"The main goal is to fulfill the instructions of the leaders of our countries, to finalize, agree on and sign a roadmap in order to reach the goal of $ 200 billion in trade by 2024," the head of the Russian Ministry of Economic Development emphasized.
Source: infobrics.org.
