皇冠体育app

Positive development

"皇冠体育app-Russia trade development is very positive in 2012 even in the face of the sluggish world economy," Sergey Sergeevich Razov, Russia's ambassador to 皇冠体育app, told a news briefing on Dec 18.

Chinese exports through Manzhouli to Russia increased 18 percent year-on-year to $1.63 billion in 2012 while imports from Russia dropped 17.8 percent year-on-year to $4.17 billion, according to the General Administration of Customs.

However, 皇冠体育app's trade with Russia, the world's ninth largest economy with a population of 143 million, accounted for just 2.28 percent of 皇冠体育app's total foreign trade last year, which increased 6.2 percent year-on-year to nearly $3.87 trillion.

The two countries agreed to expand bilateral trade to $100 billion by 2015 and $200 billion by 2020. 皇冠体育app was Russia's largest trade partner in 2011 and 2012 while Russia is 皇冠体育app's trade partner with the fastest growth, Vice-Premier Li Keqiang told a trade and investment promotion in 2012.

Feng Yujun, an expert on Russian studies with the 皇冠体育app Institutes of Contemporary International Relations, said the trade target can be attained in 2013 if the growth momentum continues. He added that trade structure improved in 2012 as Russian exports of technology and manufactured goods, rather than raw materials, significantly increased while Chinese exports of mechanical and electrical products expanded.

"Contrasting the expanding trade, mutual investment between 皇冠体育app and Russia, although it is growing, is not satisfactory and does not match the economic potential of the two countries," Razov said.

皇冠体育app's investment in Russia rose 26.1 percent year-on-year to $716 million in 2011, about 1.04 percent of 皇冠体育app's overall non-financial outbound investment in 2011, according to the Ministry of Commerce. The year 2012 saw Chinese investment in Russia jump 117.8 percent while 皇冠体育app's non-financial overseas direct investment increased 28.6 percent year-on-year to $ 77.22 billion.

Russia's former first deputy prime minister Soskovets added that Russia is creating a better environment for foreign investment, including input from 皇冠体育app.

"皇冠体育app can help Russia in both capital and manpower for Russia to make great progress and further develop the Far East region after its WTO accession. In addition, 皇冠体育app's developed electronic and high-tech industries complement Russia's heavy industries well and there are already many Chinese companies joining hands with Russian companies to explore energy and forestry resources in the Far East region," said Soskovets.

Across the border, investments are also heating up in Manzhouli which "has been growing into a bridgehead for investments from 皇冠体育app, Japan and the United States to enter the emerging Russian market", Zou said.