China

Chinese, Russian Firms Agree Multiple Deals as Ties Deepen

 

Chinese and Russian firms agreed a host of deals in manufacturing, logistics, e-commerce and agriculture on Monday as ties between the neighbours continue to deepen despite Western unease.

Companies from the two nations were attending a regional conference in northeastern China, Chinese state media reported.

The event in Shenyang, the capital of Liaoning province, followed last week’s meeting in Beijing between Russian President Vladimir Putin and China’s President Xi Jinping. 

Russian local government officials, business representatives as well as nearly 800 Chinese companies hoping to enter the Russian market, were attending the conference.

China has urged increased cross-border connectivity with Russia and deeper economic cooperation despite disapproval from the West after Russian forces invaded Ukraine last year, with northeast China – comprising the provinces of Liaoning, Heilongjiang and Jilin – gaining new strategic significance as a zone of bilateral trade and commerce.

 

Also on AF: Vietnam Arrests Top Rare Earth Execs Amid Plans to Rival China

 

In January to September, 40 Russian firms set up businesses in Liaoning, China’s national broadcaster reported on Monday.

Liaoning’s outbound shipments to Russia soared 82.3% in the first nine months from a year earlier to 42.64 billion yuan ($5.83 billion).

In March, a new cargo hub for China-Europe freight trains was put into operation in Shenyang, with a train carrying 55 containers departing for Russia to mark the hub’s inauguration.

In May, Chinese customs said the landlocked province of Jilin would be able to use Vladivostok, the biggest port in the Russian Far East, to ship goods to Zhoushan and Jiaxing in the eastern Chinese province of Zhejiang from June, cutting costs and transportation time for Jilin cargo bound for eastern China.

Heilongjiang should also become a “pivotal” gateway for China’s opening up in the north, Xi declared in September, saying the province ought to play an active role in safeguarding national defence, food, and energy security.

In September, bilateral trade between Russia and China surged to $21.18 billion, the highest since February 2022 when Russia began the war in Ukraine, according to the data by Chinese General Administration of Customs earlier this month.

 

  • Reuters with additional editing by Sean O’Meara

 

Read more:

China Likely Sending Military Tech to Russia: US Intelligence

‘Pop-up’ Traders Shipping Half Russia’s Oil to China and India

China-Russia Trade Reaches New High With Over 40% Jump – CNN

Russia Gives China Access to Vladivostok After 163 Years – TC

 

 

Sean O'Meara

Sean O'Meara is an Editor at Asia Financial. He has been a newspaper man for more than 30 years, working at local, regional and national titles in the UK as a writer, sub-editor, page designer and print editor. A football, cricket and rugby fan, he has a particular interest in sports finance.

Recent Posts

Japan’s SLIM Moon Lander Sparks Back Into Life, Makes Contact

The probe unexpectedly survived a two-week lunar night after touching down on the lunar surface…

9 hours ago

Bitcoin Hits $57k, Posts Two-Year High as Big Players Wade In

The leading crypto coin has gained 32% in value so far in February, still riding…

12 hours ago

China-Wary Investors ‘Icing on Cake’ For Japan’s Nikkei

Nikkei heavyweights with a significant presence in China have seen mega rallies, especially in the…

14 hours ago

Tougher Penalties in China for Firms Understating Emissions

Emissions data fraud has been a big problem for China's carbon trading scheme, but State…

14 hours ago

AI Model Boosts Scientists’ Nuclear Fusion Energy Dream – IS

An artificial intelligence (AI) trained on previous experiments has been able to predict instabilities in…

15 hours ago

Nikkei Flatlines After Record Push, AI Optimism Lifts Hang Seng

Tokyo’s benchmark hit another record before retreating while China stocks rode the AI wave to…

16 hours ago