China-Russia economic, trade index reflects stronger bilateral relationship
The
first China-Russia (Harbin) economic and trade index was released on June 16 in
Harbin, capital of Northeast China’s Heilongjiang Province, according to the
Xinhua News Agency.
The
index is composed of both the national trade index and the regional trade
index, including China’s trade with Russia, exports and imports with Russia,
trade in specific industrial lines, the compatibility of trade and the
influence of the city of Harbin on surrounding areas.
Trade
relations between China and Russia have strengthened in recent years. In 2018,
the import index from Russia increased 127.93 percent compared with 2010.
Li
Chunding, an assistant researcher at the Chinese Academy of Social Sciences
(CASS), told the Global Times that
the index reflects the increasingly close strategic partnership.
“Traditionally
the top three trading partners of China have been the US, the EU and ASEAN
countries, but now Russia is playing an increasingly important role,” Li said.
Free
trade area agreements and the compatibility of trade in Russia and China are
behind this trend, Li said. In 2016, a free trade zone between China and Russia
was established in Harbin to inspire more trade and communication.
“But
deep down it’s because Russia and China are compatible in their import and
export structures,” Li said. “Russia is benefiting from cheap and good-quality
daily necessities, and China is securing its energy from imports of gas and
crude oil from Russia.”
Light
industrial products are the main exports from China to Russia, while most
imports from Russia are raw materials including fuel and timber, according to a
report by hljnews.cn.
The
index was designed and developed by scholars from institutions including the
CASS, Renmin University of China and the University of International Business
and Economics under the organization of the China Economic Information Service,
according to Xinhua.
Source:Global Times
On June 15, 2019, the 6th
China-Russia Expo and the 30th Harbin International Economic and Trade Fair
were held at the Harbin International Convention and Exhibition Center. The
theme of the Expo was “China-Russia Local Cooperation: Opportunity, Potential and
Future.” (Photo by Wang Zhaobo from People’s Daily Online)
China-Russia economic, trade index reflects stronger bilateral relationship
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