The decline in trade turnover between Russia and China this year is due to market conditions and negative external factors; the parties need to make additional efforts to return to growth mode. This was stated by First Deputy Prime Minister of the Russian Federation Denis Manturov at the 12th meeting of the intergovernmental Russian-Chinese commission on investment cooperation.
Manturov noted that in terms of increasing mutual trade turnover over the past four years, the countries have made significant progress.
“The volume of bilateral trade has more than doubled – to 245 billion dollars, this year we note a slight decrease in this indicator, which is due to market market conditions and negative external factors,” said Manturov, quoted by RIA Novosti.
“We need to make additional efforts to return to growth mode,” the First Deputy Prime Minister indicated.
According to him, Russia and China note the need to strengthen investment ties, create a fair, transparent, predictable business environment.
“During the negotiations, the need to strengthen investment ties, create a fair, a transparent, predictable business environment. This is a prerequisite for further expansion of industrial and technological cooperation, increasing transport connectivity between Russia and China and increasing mutual trade turnover,” he noted.
According to the press service of the Russian government, Manturov and Deputy Prime Minister of the State Council of the People’s Republic of China Ding Xuexiang held the 12th meeting of the Intergovernmental Commission on Investment Cooperation in Beijing. The parties discussed the implementation of joint investment projects and further steps to expand international cooperation. The meeting was held on the eve of the 30th regular meeting of the heads of government of Russia and China.
As a result of the meeting, the First Deputy Prime Minister of Russia and the Deputy Prime Minister of the State Council of the People’s Republic of China signed the protocol of the 12th meeting of the Russian-Chinese IGC on investment cooperation. In addition, in the presence of the co-chairs, a Memorandum of Cooperation was signed between the Russian Ministry of Economic Development and the State Committee for Development and Reform of the People’s Republic of China to deepen investment cooperation in the agro-industrial complex.