China-Russia trade shifting focus to quality - Chinese Ministry of Commerce
BEIJING. Jan 26 (Interfax) - A shift from mere growth to better quality began in China-Russia trade in 2016, a representative of the Chinese Ministry of Commerce's Europe and Central Asia department told Interfax.
"The transition of China-Russia trade and economic cooperation from quantitative growth to higher quality and efficiency accelerated in 2016, and new forms emerged in addition to new development factors," he said.
He mentioned "an improved structure of commodities" as one of those factors. Chinese exports of machines and high-technologies to Russia grew by 17.7% and 11%, respectively, year-on-year in the first eleven months of 2016.
Russian agricultural exports to China increased by 18.5% year-on-year in 2016, while imports of machines and new technologies went up by 34.9% and 15%, respectively, he told Interfax.
Agricultural products, electronics and hardware for the shipbuilding industry and the oil and gas sector have become "new and constantly growing spheres" of China-Russia trade, he said.
Another new form of bilateral trade is electronic deals, which have amounted to over 50% of Russia's entire transborder electronic commerce, he said.
Collaboration in strategic areas, such as energy, aviation, space and infrastructural projects, has been given a fresh impetus, he said.
Chinese enterprises have been investing in Russia's plants assembling cars and household appliances and have been participating in the renovation of Russian industrial enterprises.
The participation of Chinese and Russian companies in exhibitions and fairs, as well as the China trade center in Moscow and the Russia trade center in Beijing play an important role in the expansion of trade and economic cooperation, the official said.
