China Pushes for Deeper Trade Connections with Russia

China Stresses the Importance of Expanding Trade Relations with Russia and the West Despite Criticism

China was urged to strengthen cross-border connectivity with Russia as well as bilateral commercial and Investment relations. Both allies pledged to Strengthen their economic ties, despite disapproval from the West following the Russia-Ukraine war last year. On Tuesday, the Russian Minister of Economic Development held in-depth discussions on economic cooperation with the Chinese Commerce Minister in Beijing. China’s Top diplomat, Wang Yi, traveled to Moscow for the strategic talks that led to the confirmation of Russian President Vladimir Putin’s visit to Beijing next month.

• According to a Ministry Statement, Chinese Commerce Minister Wang Wentao stated in the Beijing Discussion that Sino-Russian Economic and trade cooperation has continued to expand and become more solid under the strategic guidance of the two leaders of the State.

• Russia is under Western sanctions. Moscow has leaned on its allies economic support in Beijing, feeding on Chinese demand for oil and gas as well as grain, and the investments were concentrated in energy mining and the infrastructure sector.

• Russia and China signed a number of new trade agreements in 2023. These agreements include a deal to build a new gas pipeline between the two countries and a deal to increase cooperation in the development of new technologies.

• In the month of August, Chinese imports of Russian goods rose 3% from a year earlier to $11.5 billion, reversing a decline of 8% in the month of July. Beijing has declined the criticism of the West for its growing partnership with Moscow in light of the Russian war on Ukraine.

• The Group of Seven Ministers reiterated its call without addressing any country on the list of third parties that ceases all assistance to the Russia War of Aggression or faces severe costs, and in the last week, the Russia United Oil and Gas Chemical Co. and the China Xuan Yuan Industrial Development have agreed to build the Transhipment Oil Complex near the railway bridge, which will link the Russia town of Nizhneleninskoye to China’s Tongjiang.

The deep trade ties between Russia and China have a significant impact on the global economy. China is now Russia’s largest trading partner, and Russia is now China’s second-largest supplier of oil. These two countries relationship and trading were making it more difficult for the West to impose sanctions on Russia.

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