Trade between China and Russia is expected to surpass US$40 billion this year. Trade between the two countries reached a record high of US$33.4 billion last year, Chinese Vice Minister of Commerce Wei Jianguo said.

 

"The two-way trade has kept increasing since 1999, with an average annual growth of 28.6 percent," Wei told the audience at the Sunday opening ceremony of the 3rd Northeast Asia Investment and Trade Expo. Changchun, capital of northeast China's Jilin Province, hosted the expo.

 

The China-Russia trade had reached US$25 billion in the first seven months, Wei said.

 

"Meanwhile, border trade has become an important part of the bilateral trade," he said.

 

Statistics show that the border trade between the two countries stood at US$7 billion last year and reached US$4.6 billion during the January to July period this year.

 

Currently, China is Russia's third largest trading partner. Russia is China's eighth largest trading partner.

 

The expo, with the theme of "opportunity, exchange, cooperation and development," attracted more than 50,000 investors and merchants from 61 countries and regions.

 

(Xinhua News Agency September 3, 2007)