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China-Russia Trade to Reach $100BN - FM
9.03.2015 08:37
China-Russia Trade to Reach $100BN - FM
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The trade turnover between Russia and China is set to total $100 billion this year, according to the Chinese Foreign Minister

      Wang Yi was quoted by the RIA Novosti news agency as saying that the countries are also expected to sign a contract to supply Russian gas along the so called ‘western route’.

      “We will sign an agreement to work on the Silk Road Economic Belt and begin relevant cooperation. We will start full construction of the eastern route of the natural gas pipeline and sign an agreement on the western route of the pipeline. We will accelerate the joint development and research of long-distance, wide-body passenger jets. We will start strategic cooperation on the development of Russia's Far Eastern region. And we will strengthen our cooperation on high-speed railways. At the same time, we will continue to intensify our cooperation in the financial, oil and gas, and nuclear-power sectors,” he was quoted as saying at a press conference in Beijing.

      “The China-Russia relationship is not dictated by international vicissitudes and does not target any third party. Thanks to the strong strategic trust the two sides have established, our relationship has become more mature and stable. As comprehensive strategic partners of coordination, China and Russia have a good tradition of supporting each other. And the friendship between our two peoples provides a strong foundation for strengthening strategic cooperation between the two sides,” he told reporters.

      In September, Gazprom, Russia's gas giant, launched the construction of the Power of Siberia, an ambitious pipeline project that is supposed to bring Russia's natural gas to China.

      In May, Gazprom signed an historic deal with China on natural gas supplies that will help the country to diversify its exports. According to a source at Gazprom quoted by the Izvestia daily, the price is be set at $350-380 per thousand cubic meters of gas.

      Gazprom is now building a pipeline to fulfill its 30-year contract for the supplies of 38 billion cubic meters of gas that could bring Russia some $400 billion.

      The price is on par with what European customers currently pay, which could mean that amid the EU’s calls for diversification of its imports the eastward shift for Russian supplies will be quite easy to accomplish.

      Earlier, Russia-IC also reported on a story by The Wall Street Journal on deep respect and fascination that the Russian president enjoys in Chinese society.

      "Putin and Xi Jinping are quite similar," Yu Bin, an expert on China-Russia relations at Wittenberg University in Ohio was quoted as saying. “The leaders are from the same generation—they are both 61—and both want to re-establish their countries as world powers and challenge Western dominance following periods of perceived national humiliation,” reads the report.

      Admiration for the Kremlin’s strongman reflects a deeply held conviction in Chinese society: "If a leader is weak and allows himself to be bullied, then people won't respect him," concludes the report.

Author: Mikhail Vesely


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