Beijing, Moscow to expand cooperation in emerging industries

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An economic and trade-themed roundtable meeting was held in Beijing recently dedicated to the 25th anniversary of establishing partner relations between China's capital and Moscow. The two capitals agreed to exchange best practices and expand cooperation.

In addition to energy and infrastructure, Beijing will give full play to its advantages in emerging fields such as finance, technology, and e-commerce, and invest in Russia's emerging industries. The city also welcomed Moscow to invest in emerging industries in Beijing.

Both Beijing and Moscow are cities with a long history and in recent years have worked to promote closer exchanges and strengthen friendly and cooperative relations. As such, representatives from each city active in the fields of economy and trade, science and technology, education, urban planning and management, justice, and culture, have frequently met to discuss how best to benefit the people.

According to the Beijing Municipal Commerce Bureau, cooperation between China and Russia as well as bilateral trade and investment between Beijing and Russia have achieved positive growth. In 2019, the bilateral trade volume between Beijing and Russia stood at US$17.98 billion, a year-on-year increase of 1.8%, of which exports made up US$1.79 billion, a year-on-year increase of 11.5%, and imports accounted for US$16.19 billion, a year-on-year increase of 0.8%. As of October 2020, a total of 219 Russia-invested enterprises existed in Beijing, including eight new ventures established between January and October 2020. Beijing's cumulative direct investment in Russia currently stands at US$44.52 million, of which, compared to US$19.55 million in 2019.

China has been Russia's largest trading partner for 10 consecutive years and is one of Russia's largest import sources and export destinations. The two cities will continue to exchange best practices and expand cooperation. Currently, Beijing is building a comprehensive demonstration zone for the further opening-up of its service industry and pilot free trade zones (FTZ). These practices are expected to further build positive relations in China-Russia cooperation in the fields of scientific and technological innovation, the service industry, and the digital economy. It will also further promote the development of Russia's high-tech industry while helping to boost the development of Beijing's enterprises.

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