24 May 2023 10:00

Russian PM sees trade with China topping $200 bln in 2023

BEIJING. May 24 (Interfax) - Russia's trade turnover with China could break through the threshold of $200 billion in 2023, Prime Minister Mikhail Mishustin said.

"I am confident that this year we will not only meet the objective set by the heads of state to increase the mutual trade turnover to $200 billion ahead of schedule, but also exceed this significant threshold," Mishustin said Wednesday at talks in Beijing with Chinese Premier Li Qiang.

He noted that 70% of cross-border settlements between Russia and China are already made in the countries' national currencies, rubles and yuan.

Mishustin also said that bilateral cooperation in the energy sector has become strategic. Russia is the leading supplier of oil to China and is increasing exports of natural gas, coal and electricity to the country, he said.

He recalled a number of major energy projects involving Chinese companies, including Power of Siberia, Yamal LNG, Arctic LNG 2, Amur Gas Chemical Plant and a gas processing facility in Ust-Luga. "We are actively expanding our cooperation in the peaceful use of nuclear technology," Mishustin added.

Amid the "new geopolitical conditions the development of transport and logistics routes running across the Russian-Chinese border acquire particular importance," he said. "We are accelerating the development of the border structure and synchronizing its expansion. This is necessary to increase freight shipments and further trade between Russia and China," Mishustin said.

New areas for deepening cooperation with China include the aircraft industry, shipbuilding, machine building, machine tool manufacturing and joint space research, he said.

"Using the solid scientific base and production potential we have accumulated, together we can ensure the technological sovereignty of Russia and China," Mishustin said.

He proposed to consider the most important issues of cooperation between the two countries with the Chinese premier and representatives of both countries.