Russia expects record high trade volume with China
(Xinhua)
Updated: 2004-09-21 15:06

The Russian-Chinese trade will have hit a record high of US$20 billion by the end of this year, the Itar-Tass news agency cited a senior Russian diplomat as saying on Saturday.

In a comment on the imminent visit by Chinese Premier Wen Jiabao to Russia, Russian Foreign Ministry spokesman Alexander Yakovenko expressed his belief on the growth of bilateral trade for the year.

He noted that mutual capital investment is growing as Chinese investments in Russia have totaled over US$1 billion, and Russian investments in China amounted to some US$800 million.

Yakovenko said both sides plan to launch large-scale projects and construction on joint projects in Moscow and Saint Petersburg has started.

The spokesman pointed out that the oil and gas industry is a priority cooperation field for the two neighbors and Russia plans to supply 6.4 million tons of oil to China this year.

He also hailed the active scientific and technical cooperation.A total of 172 joint research projects are operating in a wide range of subjects including biotechnology and microbiology, nuclear physics and high energy physics, oil chemistry, telecommunications and seismology.

Yakovenko called for more efforts in the signing of an intergovernmental agreement on setting up culture centers in both countries.

The spokesman expressed gratitude for China's aid to Russia after the tragic Beslan hostage-taking event that killed over 330 people.

He noted that China sent medicines and medical equipment worth 1.2 million dollars to Beslan, with another US$100,000-aid from its Red Cross society to the Russian government.

Wen will visit Kyrgyzstan and Russia, and attend the third meeting of the Shanghai Cooperation Organization (SCO) with Prime Ministers from other SCO member states and the ninth regular meeting between Chinese and Russian Prime Ministers from September21 to 25.

"Cooperation in fighting terrorism under the UN aegis occupies an important place in the dialogue between the two countries," Yakovenko said, calling for using SCO mechanisms for joint counter-terrorist campaign.

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