Economic review

China-Russia trade to keep rapid expansion this year: MOC

2018-05-10 16:27:00 (Beijing Time)         Xinhua

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Bilateral trade between China and Russia is expected to maintain double-digit growth this year, the Ministry of Commerce (MOC) said Thursday.

Total trade is likely to exceed 100 billion U.S. dollars in 2018, MOC spokesperson Gao Feng told a press conference.

In the first four months, China-Russia trade jumped by nearly 30 percent year-on-year to 31.2 billion U.S. dollars, official data showed.

"The fast expansion was partly due to rising demand from Russia as the economy stabilizes," Gao said. "In addition, both the volume and price of commodities that China imported from Russia have increased."

New growth points have emerged. For example, Russia's exports of agricultural products to China jumped 35.3 percent in the first quarter compared with last year.

China's rising investments in Russia as well as bilateral cooperation in fields including energy and aerospace also contributed to the trade expansion, according to Gao.

"The two countries will take measures to optimize trade structure and cultivate new drivers for trade growth, so that the momentum can be maintained," Gao said.