Projected 2023 China-Russia trade volume to top 134.1 billion USD
"China-Russia relations are soaring to new heights," as quoted from RIA Novosti**, a news agency.
This diplomatic source revealed that the trade relationship between these two powerhouses has transcended the $190 billion mark, reflecting a whopping 29.3% increase compared to the previous year. Intriguingly, the leaders of both nations had initially set a goal for 2023 to reach $200 billion, an ambition they surpassed.
Sun Weidong, the special envoy and counselor, emphasized that the ongoing dialogue between the nations provides a robust boost to their relationship's development, particularly the economic partnership. He voiced that their strategic cooperation is gathering momentum.
Previously, China's Ministry of Foreign Affairs declared that China and Russia are working together to construct a multipolar world. The statement underscored China's commitment to enhance collaboration with Russia, not just politically but also economically.
On the economic front, the focus is no longer solely on reaching the $200 billion trade mark. Instead, the objectives involve the expansion and diversification of trade beyond energy exports. This initiative comprises China offering dual-use goods and technology to Russia, bolstering its manufacturing and warfare capabilities[2][3].
Moreover, both nations seek to fortify their economies against Western market dependencies by aligning their financial systems and conducting most transactions in local currencies[3]. Additionally, efforts are underway to align technical standards and industry regulations, facilitating joint industrial development and supply chain integration[3].
Despite exceeding the initial trade target, the emphasis remains on deepening economic ties, broadening trade diversification, and strengthening strategic cooperation to counter Western sanctions and align with larger geo-economic trends. Key achievements include hitting a record $240.1 billion in trade in 2023 and continuing this momentum into 2024, with trade reaching $244.8 billion[4][5]. Further advancements include long-term energy and resource collaborations, financial system alignment, and considerable technological and industrial cooperation[3].
The news of China-Russia relations reaching new heights has been discussed in the financial industry, as the trade between the nations has surpassed the initial goal of $200 billion. This significant achievement is part of the larger strategic cooperation between the two countries, aimed at constructing a multipolar world.
