The 11th meeting of the Russian-Chinese Intergovernmental Commission on Investment Cooperation co-chaired by First Deputy Prime Minister of the Russian Federation Denis Manturov and Vice Premier of the State Council of the People’s Republic of China Ding Xuexiang has taken place. Also attending the meeting were representatives of federal executive authorities, development institutions, as well as the business and expert communities.
Russian-Chinese relations continue to strengthen rapidly. According to Denis Manturov, Russia and China have created enabling institutional conditions for the further growth of their trade and economic partnership.
“In 2023, mutual trade between our countries increased by a quarter, reaching $228 billion. Importantly, more than 90 percent of mutual transactions are made in national currencies now. This year, we saw further increase in trade. According to our estimates, mutual trade has the potential to reach $300 billion y 2030,” Denis Manturov said.
President of RussiaVladimir Putin and President of China Xi Jinping outlined the mechanisms for achieving this goal in a joint statement following the talks in Beijing. The Russian-Chinese Intergovernmental Commission on Investment Cooperation was mentioned as one of them.
“Today, the commission’s portfolio includes over 80 projects worth about $200 billion,and continues to expand. Two new projects worth more than $1.3 billion have been agreed to be included on the list of significant projects. One of them involves carbon black production in the Astrakhan Region, and the other is to develop railway and industrial infrastructure for the transshipment of hazardous materials in the Jewish Autonomous Region,” Denis Manturov added.
He noted the importance of identifying priorities for further work on such significant aspects as ensuring sustainable funding, insurance and credit financing for the commission’s projects.
Following the meeting, Denis Manturov and Ding Xuexiang signed a protocol.
“I consider our meeting to be very timely and fruitful. It was essential to reach agreement on updating the significant projects list. It currently includes over 60 initiatives with a total investment of over $138 billion,” Denis Manturov concluded.
