The Far Eastern Federal University in Vladivostok is abuzz with international collaboration as it hosts the 8th Eastern Economic Forum (EEF) from September 10-13. Chinese Vice Premier Zhang Guoqing's attendance underscores the deepening economic ties between China and Russia.
Russian President Vladimir Putin delivered a compelling address to the EEF plenary on September 12, following a productive meeting with Vice Premier Zhang. Highlighting the significance of their partnership, Putin stated that the ties between the two nations have reached an \"absolutely unprecedented historical level\" in recent years. He commended the robust cooperation in commerce, energy, security, and humanitarian areas, while Zhang emphasized China's commitment to enhancing strategic collaboration with Russia.
The forum this year takes place against a backdrop of rising tensions between Russia and the West, with the latter engaged in an alleged \"cold war\" with China. China has been firm in urging the U.S. and its allies to respect its sovereignty and security concerns, advocating for mutual cooperation instead of interference.
On September 11, Russian Deputy Prime Minister and Minister of Industry and Trade Denis Manturov met with Vice Premier Zhang to discuss collaborative opportunities in the automobile, aviation, shipbuilding, and metallurgical sectors. This meeting highlights the broad scope of Sino-Russian cooperation, which also extends to global issues like climate change, nuclear non-proliferation, counter-terrorism, and regional conflicts.
Economic shifts driven by sanctions have led Russia to pivot towards Eastern markets, resulting in significant growth in China-Russia trade. Notably, Alfa-Bank, Russia's largest private bank, is set to open a branch in China. By 2022, Russia had become the top European nation in exports to China, the fourth in imports, and held the second spot in trade turnover.
Looking ahead, trade between China and Russia is poised for substantial growth. The EEF aims to support the development of Russia's Far East in alignment with China's northeastern revival. Enhanced commercial infrastructure and continued collaboration are expected to propel China-Russia commerce to an impressive $200 billion this year, well ahead of the 2024 target.
Reference(s):
cgtn.com
