Putin predicts record trade with China

Moscow and Beijing have been steadily strengthening economic ties in recent years

Economic cooperation between Russia and China will continue to strengthen, reaching new heights in the near future, President Vladimir Putin said on Thursday at the Shanghai Cooperation Organization (SCO) summit while meeting with China’s leader, Xi Jinping.

“Multifaceted ties between our countries are actively developing. Last year, the trade turnover increased by 35% and exceeded $140 billion,” Putin said, adding that in the first seven months of this year, the volume of mutual trade grew by another 25%.

“I am convinced that by the end of the year we will reach new record levels, and in the near future, as agreed, we will increase the annual trade turnover to $200 billion or more,” he added.

Last month, Beijing’s ambassador to Moscow expressed hope that Russia-China trade could reach the targeted milestone of $200 billion this year. He pointed out that economic cooperation between the two nations shows excellent results and sustainable development, despite the challenges associated with the Covid-19 pandemic, the global economic downturn, and difficult international and regional situations.

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