Xi Jinping praises cooperation with Russia as the targeted trade volume exceeds $200 billion

Sophia Barotti

(CNN) – China and Russia concluded a busy year of cooperation with an annual meeting at the end of the year in which they both pledged to deepen relations on a range of issues as their record trade exceeded a symbolic goal.

Bilateral trade between China and Russia exceeded $200 billion in the first 11 months of the year, marking an earlier-than-expected achievement of the set target, Chinese President Xi Jinping said in a meeting with Prime Minister Mikhail Mishustin on Wednesday. His Russian counterpart Vladimir Putin in 2019.

The two leaders then pledged to reach the $200 billion mark by 2024. Trade between their countries continued to expand in the wake of the Kremlin’s invasion of Ukraine in 2022, growing by nearly 30% in 2022 to reach a record $190 billion.

Xi said on Wednesday that the latest trade figures show “strong resilience and broad prospects” for cooperation.

The president said during the meeting that the two sides should “make full use of the benefits of mutual political trust” and “deepen cooperation in economy, trade, energy and communication,” Xinhua news agency quoted the president as saying during the meeting.

China, the world’s second-largest economy, has emerged as a key economic lifeline for Russia after the United States and its allies cut off trade and imposed sanctions following Moscow’s invasion of its neighbour, sparking criticism that Beijing is supporting the Russian war effort, despite its claims. Neutrality in conflict and calling for peace.

Chinese leaders see Moscow as a key counterweight to a hostile West and have criticized Western sanctions. They have not supported UN efforts to criticize Russia, even as it has increased energy purchases from its northern neighbor and become a major supplier of consumer goods to its isolated market.

Chinese customs data released earlier this month showed that trade between China and Russia reached a record high of about $218.2 billion during the first 11 months of 2023. But that figure represents only 4% of China’s $5.41 trillion in global trade during the same period. Period.

The two countries also strengthened their cooperation on a number of issues during Mishustin’s two-day visit, which included an annual high-level year-end meeting chaired by Chinese Premier Li Qiang on Tuesday.

The signed agreements include strengthening trade, transportation, e-commerce and customs procedures, and improving cooperation in developing Arctic sea routes, aircraft manufacturing, space exploration and satellite navigation, according to a statement by the Chinese Foreign Ministry.

The Chinese Ministry of Defense said that the Chinese and Russian militaries separately held regular consultations on Wednesday and agreed to “improve the level of strategic coordination” between them and “make new contributions to promoting peace and security in the region and the world.” .

CNN’s Laura He and Mingxin Zhang contributed reporting.

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