Trade between Russia, China could reach $90bln by 2016

Imports of Russian goods to China decreased by 19.1 percent to 206.5 bln yuan ($31.4 bln) last year.

Imports of Russian goods to China decreased by 19.1 percent to 206.5 bln yuan ($31.4 bln) last year.

Ria Novosti/Anton Denisov
The turnover between China and Russia decreased by 27.8 percent to 422.7 bln yuan ($64.2 bln) at the end of 2015.

Deputy Secretary General of China Industrial Oversea Development and Planning Association He Zhenwei believes that trade volume between Russia and China might grow at the end of 2016 to $90 bln, he told TASS on August 12.

The turnover between China and Russia decreased by 27.8 percent to 422.7 bln yuan ($64.2 bln) at the end of 2015.

"Now the situation in the Russian - Chinese trade improves. We observe a very good period for increasing exports of Russian goods to the Chinese market, including Russian flour, honey, chocolate, cakes and other goods. Many people want to try your product, because it is famous for its lack of chemicals. It would be very important for Russia to gain a foothold in the Chinese food market, because it is very broad. Russian products in the Chinese market will help attract our investment to the Russian economy in the future," he said.

"We also hope that the volume of bilateral trade recovers. With that said, it seems to me that by the end of this year, bilateral trade will total $90 bln," He Zhenwei said.

The volume of Chinese exports to Russia fell by 34.4 percent last year to 216.2 bln yuan ($3.9 bln), while imports of Russian goods to China decreased by 19.1 percent to 206.5 bln yuan ($31.4 bln).

Source: Tass.com

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