The eighth China-Russia Expo is set to take place from May 16 to 21 in Harbin, northeast China's Heilongjiang Province. This event marks the 75th anniversary of the establishment of diplomatic relations between China and Russia, highlighting a long-standing partnership between the two nations.
Russian President Vladimir Putin is scheduled to pay a state visit to China from May 16 to 17, according to the Chinese Foreign Ministry. This visit marks Putin's first state visit after being sworn in as Russian president for a new term.
The upcoming expo will feature a significant lineup of Russian enterprises organized by the Ministry of Industry and Trade of the Russian Federation. Additionally, 16 Russian federal entities will present their businesses at the event, according to Chinese Commerce Ministry official Liu Xuesong.
The expo aims to serve as a platform to showcase Russia's socioeconomic development, investment opportunities, cooperative projects, quality products, and distinctive cultural elements. It is designed to foster extensive discussions and negotiations between the two countries across various sectors.
Expecting to attract over 5,000 professional buyers from more than 120 delegations representing 44 countries and regions, the expo promises a bustling environment for international trade. The exhibition area will span 388,000 square meters, showcasing more than 5,000 products across over 20 major categories from 10 sectors.
Since its inception in 2014, the China-Russia Expo has alternated between the two host countries. The event has attracted more than 7,200 Chinese and Russian enterprises and over 1.05 million merchants, facilitating contracts totaling approximately 446.8 billion yuan (about $61.8 billion).
Continued Trade Growth
Trade volume between China and Russia has been on a steady rise in recent years. In 2023, bilateral trade reached $240.1 billion, surpassing the established trade target of $200 billion ahead of schedule. The positive trend continued into the first quarter of 2024, with bilateral trade reaching $56.68 billion, marking a year-on-year increase of 5.2 percent, according to the General Administration of Customs (GAC).
Trade between the two countries in 2024 has been characterized by growth in sectors such as energy, automobiles, and general machinery and equipment, said Lyu Daliang, director of the GAC's Department of Statistics and Analysis.
In a written interview with Xinhua, Putin highlighted the resilience of Russia-China trade relations, noting their strong immunity to external challenges and crises. He pointed out that trade between the two countries has doubled over the past five years, making China Russia's largest trading partner for 13 consecutive years. In 2023, Russia ranked fourth among China's trading partners. Moreover, more than 90 percent of transactions between companies from both countries are settled in their national currencies.
Reference(s):
cgtn.com
