In 2020, China-Russia economic cooperation and trade stood the test of COVID-19 and showed strong resilience. It can be said that "true gold fears no fire". The fundamentals of mutually complementary cooperation and long-term prospects for both sides have not changed.

According to China’s statistics, China-Russia bilateral trade value fell slightly to USD 107.77 billion in 2020, passing the mark of USD 100 billion for three consecutive years. Our bilateral trade is characterized by the following features: First, closer trade cooperation. China has taken up a greater share in Russia’s foreign trade. For 11 years in a row, China remains Russia’s largest trading partner, and Russia is China’s tenth largest trading partner. Second, stronger momentum for steady growth of trade. Bilateral trade has picked up since the middle of last year. With China’s export to Russia emerging from the negative range, it has grown positively for six consecutive months by more than 7% monthly on average in the second half of 2020. Third, robust growth in imports of commodities from Russia, such as oil, gas and iron ore. Fourth, emerging new growth points. In 2020, agricultural trade value hit a record high of USD 5.55 billion, of which China’s imports grew by 13.7% to USD 4.09 billion. China now has become Russia’s largest exporting market of agricultural products and meat products. The “stay-at-home economy” has greatly driven up exports of electronic products to Russia, with laptops, tablet PCs up by 39% and 29% respectively. Chinese brand smart phones have topped the Russian market in terms of sales volume. Fifth, more diversified models of transport and logistics. Both countries have fully leveraged the China-EU Rail Express, vigorously developed rail-sea and road-rail multimodal transport, in a way that boosts bilateral trade with wider transport networks and greater choices.

There are also highlights in areas other than trade. First, investment and contracted engineering projects have grown against the downward trend. In 2020, Russia received USD 340 million of non-FDI from China, up by 41.7%. China’s newly signed contracted projects were worth of USD 5.87 billion, accounting for nearly 30% of the total newly signed contractual value with Russia. Second, steady progress has been made in strategic major projects. The middle section of China-Russia east-route natural gas pipeline has been put into use. Construction of the Amur Gas Chemical Complex (AGCC) project has been kicked off. Third, cooperation in science, technology and innovation has been advanced across the board. The Sino-Russian research and technology innovation fund with a total amount of USD 1 billion has been put into operation, and the two sides have made positive progress in cooperation on 5G, cloud services, smart travel, etc. Fourth, cooperation at local levels has been deepened. China remains the largest trading partner of the Russian Far East, Siberia, Urals and Northwestern Federal District. The two countries have revised the Program for the Development of China-Russia Trade, Economic, and Investment Cooperation in Russia’s Far East in 2018–2024. Online engagement has been carried out by the two sides at local levels to boost trade and resume work and production.

Moving forward, we will work with Russia to keep implementing the important consensus reached by our heads of states: First, intensifying cooperation in combating COVID-19. Second, advancing bilateral trade and supporting the development of e-commerce and other new business forms and models. Third, expanding cooperation in two-way investment and strategic major projects, and fostering new growth points in cooperation on science, technology and innovation. Fourth, strengthening local cooperation by pairing off key provinces and oblasts of the two countries, making good use of exhibitions and promoting the development of cooperation parks. Fifth, moving forward with trade and economic institutional arrangements, optimizing business environment and enhancing coordination in multilateral forums.

We are convinced that in 2021, our concerted efforts will bring about sound and robust development of China-Russia commercial relations, and early recovery of our bilateral trade towards the target of USD 200 billion. Thank you!