China-Russia trade volume expected to reach 100 bln USD this year

Trade volume between China and Russia is expected to reach or even exceed 100 billion U.S. dollars this year, according to the Ministry of Commerce (MOC).

A freight train of China COSCO Shipping Co., Ltd. running from Tianjin to Moscow is pictured before departing from the Tianjin Port in Tianjin, China, 5 January 2018.[Photo: IC]

"Bilateral trade is gaining steam," said Liu Xuesong, a senior MOC official, at a press conference, citing the nearly 30-percent growth of China-Russia trade volume in the first quarter.

China has been Russia's largest trading partner for eight consecutive years. Bilateral trade totalled over 84 billion U.S. dollars last year, up 20.8 percent year on year.

China's direct investment in Russia surged 72 percent to reach 2.22 billion dollars in 2017.

"China will continue to expand mutual investment and cooperation on strategic major projects with Russia, and enhance the quality and level of bilateral economic cooperation," Liu said.