The turnover between Moscow and Beijing might surpass $200 billion by the tip of the yr, Igor Sechin says
This yr’s surge in bilateral commerce indicators that Moscow is on track to changing into Beijing’s largest overseas companion after Washington, Rosneft CEO Igor Sechin stated this week on the Russian-Chinese vitality enterprise discussion board in Beijing.
While China has been Russia’s largest commerce companion for over a decade, Russia this yr positioned fourth amongst China’s important commerce companions, he said.
“If such dynamics of bilateral trade continue, already in the coming years Russia may become China’s second largest trading partner after the US,” Sechin predicted, noting that this is able to rank Russia forward of Japan and South Korea. Both nations have seen a pointy drop in bilateral commerce with Beijing, he added.
Sechin noticed that the commerce turnover between Russia and China has jumped by practically 30% within the first 9 months of the yr, to roughly $176 billion.
“There is every reason to believe that trade turnover between our countries will exceed the target of $200 billion this year,” he stated.
According to Sechin, the entire turnover over the previous 5 years has grown to $660 billion, with vitality making up greater than 75% of Russian exports to China.
The Rosneft head famous that each China and Russia are presently finishing up “structural reorganization of the economy under increased external pressure,” referring to sanctions imposed by Western nations, which have largely focused Russia, however partly additionally Chinese firms, particularly within the tech sphere.
“I am confident that the current model of the Chinese economy will be even more resistant to external shocks and will allow China to move to a new stage of development in the long term,” Sechin stated. He said that Russia, for its half, has efficiently handled the challenges posed by Western sanctions positioned on Moscow in reference to the battle in Ukraine.
“The rapid dynamics of the development of mutually beneficial trade relations between Russia and China is causing concerns and criticism among our competitors. This shows we’ve chosen the right course of action. It would be correct to describe Russo-Chinese relations as a ‘future-oriented partnership’,” he added.
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