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China's commerce minister optimistic for Sino-Russian business co-op

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Leaders from China and Russia have expressed hope economic cooperation between the two countries will catch up with the pace of the expanding political relationship. China's Minister of Commerce, Chen Deming, talked about his optimism for the future of Sino-Russian business cooperation. CCTV reporter Xu Zhaoqun reports from Moscow.

The irregularity of custom clearances in Russia has been a big issue affecting bilateral trade. Now the problem is likely to be solved when a brand new logistic hub called Greenwood is built up in a suburb of Moscow. Chinese business people will enjoy a one stop service for customs clearance, logistics, storage and consultations on local trade policies and laws.

Chen Deming said, "Bilateral trade and economic cooperation complement each other very strongly. Russia's economic restructuring has come later than that of China. We have to be patient, and confident that things will get better. Meanwhile we need to let them know what we have experienced. Greenwood is a good example of the consensus we have reached."

Besides the cooperation in power and energy industries, investment is expected to increase due to cooperation in the areas of high technology, recycled energy, aerospace and aviation, and nuclear power. The minister believes this will help improve investment in the next two years.

Chen Deming said, "Russia is a country with a population of more than 100 million. The development of logistics will provide business opportunities. Russia is also considering inviting China's railway authorities to join in the construction of high speed trains. Together with these projects, there may be large amounts of investment going into Russia."

The minister says his department and its counterpart in Russia, the economic development and trade ministry, will facilitate this cooperation and provide necessary investment and trade information for the business sectors of both countries.

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