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According to Vladimir Nezhdanov, an analyst at the Institute of Current International Problems (IAMP) of the Diplomatic Academy of the Russian Foreign Ministry, trade turnover between Russia and China could reach a record level of over $250 billion by the end of 2024.
The leaders of the Russian Federation and China aimed to double trade turnover from $100 billion in 2018 to $200 billion by 2024. Meanwhile, as per the General Administration of Customs of the People’s Republic of China, trade turnover in 2023 surged by 26.3%, reaching a record $240.11 billion.
The analyst highlighted that the 2024 target was achieved ahead of schedule. With efforts to address issues and limitations, it is possible for the trade turnover between the Russian Federation and China to break through the level $250 billion by the end of 2024.
Nezhdanov states that Russian-Chinese trade is rapidly developing due to the complementary nature of the two economies.
The structure of production in both countries demonstrates that trade between the Russian Federation and China is mutually beneficial. Energy resources are particularly important in this context.
The expert highlighted the significance of our country’s oil and natural gas supplies to the Middle Kingdom for bilateral trade.
Nezhdanov explained that Russia views China as a market capable of receiving some of the energy resources previously sent to Europe, as it is one of the leading suppliers of oil and natural gas to China.
He mentioned that pipeline gas supplies have increased by almost 50%. The Power of Siberia gas pipeline is expected to reach its designated capacity in the coming years. He also highlighted the potential for exporting agricultural products to China.
However, Nezhdanov pointed out that there are still restrictions on the export of lamb, pork, rabbit meat, propolis, and hatching eggs from Russia to China. He believes that the abolition of certain restrictions could lead to further growth in trade between the two countries.
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Russian Foreign Ministry predicts record growth in trade turnover between Russia and China in 2024
By Rhod Mackenzie According to Vladimir Nezhdanov, an analyst at the Institute of Current International Problems (IAMP) of the Diplomatic Academy of the…
The statements, views and opinions expressed in this column are solely those of the author and do not necessarily represent those of this site. This site does not give financial, investment or medical advice.
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The West understands that unless it can stop the alliance between Russia and China, their world dominance will soon end. The million dollar question is whether there is anything they can do about it. It appears that they have missed the window in which they could have used military superiority to impose their will. Their economic power is rapidly declining, and becoming ineffective as a tool of suppression. Finally, their corruption and sheer ignorance at the top levels of Government and Industry have become so systemic, it is destroying productivity and incentive across the entire society. All Empires fall as… Read more »