China, Russia Trade Surges

China-Russia trade saw rapid growth in the first five months this year as bilateral trade volume hit US$3.79 billion, up 43.4 percent.

Figures released by the General Administration of Customs show that from January to May, China's exports to Russia reached US$870.48 million, up 22.2 percent.

The country's imports from Russia surged 51.2 percent from the same period last year to US$2.9 billion.

China's main export commodities to Russia include garments, footwear, grain, machinery and electronic products. Its import commodities were mainly aluminum ingots, fertilizer, refined oil, timber, paper pulp and frozen fish, according to the Ministry of Foreign Trade and Economic Cooperation (MOFTEC).

Analysts attributed the surging trade between the two countries to the steady economic growth in both countries.

In addition, China's investment in Russia and Russian investment in China were both quite active over the years. Ministry of Foreign Trade and Economic Cooperation said it has approved a total of 438 Chinese companies to establish ventures in Russia, involving US$251 million of investment from the two sides. China's investment totaled US$155 million.

China-invested companies are mainly engaged in trade, micro- electronics, telecommunications, garment processing, family electric appliances assembly, catering, timber processing and agriculture.

The number of Russia-invested companies in China are 1,160, with a total investment of US$231 million. From January to March this year, actual investment from Russia reached US$2.58 million.

Russia-invested companies in China are mainly nuclear power plants, automobile and farm-use vehicles assembly factories, chemical plants and construction materials works.

"China has always held an active attitude towards the development of bilateral trade and economic cooperation, and encourages businessmen from the two sides to cooperate," said a leading official of the Department of European Affairs. "China and Russia are complementary in their economies and they have broad prospects in their cooperation."

(People's Daily 07/16/2001)

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