HomeEconomy NewsRussia and China's trade ties are expanding, and China is becoming more...

Russia and China’s trade ties are expanding, and China is becoming more dependent on Russia

Russia and China have vowed to strengthen their bilateral economic ties in the wake of Russia’s invasion of Ukraine, despite Western criticism. China has stated a willingness to deepen its close ties with Russia in a number of areas in this context. Deepening bilateral commerce and investment as well as developing cross-border connectivity are all parts of this partnership.

The Russian finance minister and the Chinese commerce minister held “intense” talks about economic cooperation last Tuesday in Beijing, according to Reuters. Wang Yi, China’s senior diplomat, visited Moscow at the same time to discuss the growth of strategic ties between the two countries. Along with discussing strategy while travelling, it is now official that Vladimir Putin, the president of Russia, will visit Beijing the following month.

During a meeting in Beijing, China’s Commerce Minister, Wang Wentao, said that the strategic direction that both leaders have set has strengthened economic and commercial ties between China and Russia. The Russia-Ukraine conflict has lasted for almost two years despite Western sanctions. Moscow has relied more and more on its partner, China, for financial support throughout this time.

Russia is currently providing China with grain in addition to oil and gas. The imports of Chinese commodities from Russia decreased by 8% in July, but increased by 3% in August, according to data from the China Customs Department. China purchased products worth $115 billion last month.

China is unconcerned despite criticism from the West about forging relationships with Russia amid the war between Russia and Ukraine. The nation claims that it hasn’t broken any international laws and is willing to work with any government, including Russia.

Foreign ministers from the G7 nations warned on Tuesday that Russia should be barred from receiving any support for this aggressive war because there would be a high cost otherwise. For trade with North Korea, the border region in the Russian Far East has become strategically important.

Yuan Industrial Development in China and United Oil and Gas Chemical Company in Russia this week reached an agreement to construct an oil transshipment complex close to a railway bridge. The city of Nizhneleninskoye in Russia and the city of Tongjiang in China are linked by this bridge. The economic links between the two nations are anticipated to dramatically improve as a result of this development. By turning this oil transshipment complex into a transportation hub, Russia hopes to diversify its exports away from those that are dependent on Europe.

China has prohibited the import of fish from Japan following the Fukushima nuclear power plant’s dumping of water into the ocean. Meanwhile, a sizable amount of seafood is produced in the Far East of Russia. Moscow therefore expects China to acquire more fish from Russia.

Additionally, according to Chinese official media, increased grain commerce between China and Russia has become crucial as a result of the world’s food shortages. Building grain corridors in Heilongjiang Province, which borders Russia on the north and east, is thought to improve China’s food security.

Chinese Premier Xi Jinping said Heilongjiang Province should serve as the primary conduit for contact with the north at the beginning of September. He emphasised the province’s critical contribution to the security of the nation’s food, energy, and defence.

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