Russia and China,two Eastern and Western giants,have drawn global attention with their deepening economic and trade cooperation in recent years.From significant investment achievements to steadily increasing bilateral trade volumes and growing use of national currencies in trade,these developments mark a new golden era in their economic relations.

Trade Volume Target Achieved Ahead of Schedule

According to a report by Russia’s Sputnik News Agency,in the first eight months of 2023,the trade volume between China and Russia has exceeded $140 billion,and it is expected to achieve the target of $200 billion in 2024 earlier than anticipated.This increase not only reflects the mutual dependence and deep cooperation between the two economies,but also demonstrates the complementarity and synergistic effects in trade between the two sides.

Investment Cooperation: Multi-Sector Progress

Beyond trade growth,China-Russia cooperation has yielded remarkable investment results across mining,infrastructure,agriculture,and other key sectors.Notably,their investment portfolio now includes 79 major projects totaling over $170 billion.

Optimized Trade Structure

With the deepening of economic and trade cooperation between the two countries,the trade structure between China and Russia is also undergoing positive optimization.China’s exports to Russia have shifted from the traditional "Made in China" model to a "Smart Manufacturing + Manufacturing in China" approach.This means that China is not only exporting goods as a manufacturing powerhouse but is also engaging in deep cooperation with Russia in high-tech fields.For instance,among the top 10 best-selling car brands in the Russian market,four are Chinese,while in the smartphone market,Chinese brands already account for as much as 75% of the market share.

Russias Market Potential

Russia offers significant opportunities for Chinese companies.Former Russian Ambassador to China Denisov notes current market conditions favor Chinese entrants,while Russian companies find China equally attractive.

Currency Cooperation: Growing Closer

Another notable trend is increasing use of national currencies in bilateral trade,reflecting monetary policy trust.According to Reshetnikov,local currency settlements reached 70% by 2022 and rose to 90% in H1 2023.

Against the backdrop of currency cooperation,the popularity of the Chinese yuan in Russia has been rapidly increasing.It is reported that the yuan has surpassed the US dollar to become the most traded foreign currency on the Moscow Exchange.