Sunday marked a profitable day for Chinese and Russian companies
as a series of contracts were finalized on the sidelines of a major
international economic forum, with deals inked from agriculture to
car-manufacturing. A total of 19 contracts, with a total value of
around US$2 billion, were signed.
The signing ceremony was attended by dignitaries from both
countries with Chinese Vice-Premier Wu Yi and her Russian counterpart Alexander
Zhukov in attendance.
"The soaring Chinese and Russian economies make us both
attractive markets and investment destinations and have forged a
solid economic foundation for bilateral cooperation," Wu told a
round-table meeting on China-Russia trade and economic ties.
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Wu is currently leading the Chinese delegation at the 11th St.
Petersburg International Economic Forum. The two countries'
economic ties are crucial given Russia's place as China's
eighth-largest trading partner, with China being Russia's
fourth-largest. Bilateral trade has been soaring of late, hitting
US$33.4 billion in 2006, or a 15 percent year-on-year rise or close
to five times the 1992 level.
Chinese President Hu Jintao has expressed his confidence in the
blossoming relationship, predicting bilateral trade will hit US$60
billion to 80 billion by 2010.
Wu tasked major Chinese and Russian companies with exploring new
avenues of cooperation, paying special attention to energy,
financial services and civilian aircraft manufacturing.
Zhukov further hailed the development of Russian-Chinese
relations, pinpointing the soaring trade volumes and burgeoning
two-way investments. He also said that Russian companies would
match their Chinese counterparts in seeking new cooperation
mechanisms and expressed his confidence in meeting the goal of
US$60 billion in bilateral trade by 2010.
(Xinhua News Agency June 11, 2007)