Image Credit: VOA News
The 11th meeting of the Russian-Chinese Intergovernmental Commission on Investment Cooperation, co-chaired by First Deputy Prime Minister of the Russian Federation Denis Manturov and Vice Premier of the State Council of the People’s Republic of China Ding Xuexiang, took place recently.
According to the Russian Government, the meeting was attended by representatives from federal executive authorities, development institutions, and business and expert communities. The purpose of the meeting was to discuss the progress and prospects of Russian-Chinese trade and economic partnership.
Russian-Chinese relations are reportedly strengthening rapidly, with Manturov highlighting the enabling institutional conditions created by both nations. He noted that mutual trade between the two countries increased by 25 percent in 2023, reaching $228 billion. Over 90 percent of these transactions were conducted in national currencies. Manturov estimated that mutual trade could potentially reach $300 billion by 2030.
The mechanisms for achieving this goal were outlined by Presidents Vladimir Putin and Xi Jinping in a joint statement following their talks in Beijing on May 16. One key mechanism identified was the Russian-Chinese Intergovernmental Commission on Investment Cooperation.
Manturov stated that the commission’s portfolio now includes over 80 projects worth approximately $200 billion, with two new projects valued at more than $1.3 billion recently added. These projects involve the production of carbon black in the Astrakhan Region and the development of railway and industrial infrastructure for hazardous materials in the Jewish Autonomous Region.
The importance of ensuring sustainable funding, insurance, and credit financing for the commission’s projects was emphasized. Following the meeting, Manturov and Ding signed a protocol, updating the significant projects list, which now includes over 60 initiatives with a total investment of over $138 billion.