China encourages closer trade relations with Russia despite Western criticism.
China encourages closer trade relations with Russia despite Western criticism.
China and Russia Deepen Economic Ties Despite Western Disapproval
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In a defiant move against Western disapproval, China and Russia have expressed their commitment to strengthening economic ties. Despite criticism from the West over Russia’s invasion of Ukraine last year, the two allies are urging increased cross-border connectivity and deeper mutual trade and investment cooperation.
The economic cooperation between China and Russia was once again emphasized during a recent meeting between the Russian minister of economic development and Chinese commerce minister in Beijing. This meeting coincided with China’s top diplomat, Wang Yi, visiting Moscow for strategic talks, which culminated in the confirmation of Russian President Vladimir Putin’s upcoming visit to Beijing next month.
Chinese Commerce Minister Wang Wentao hailed the deepening and solidifying economic and trade cooperation between China and Russia. Under the strategic guidance of the two heads of state, the bilateral economic relationship has continued to flourish. China’s steadfast support for Russia, especially in light of the war in Ukraine and the Western sanctions imposed on Russia, has been instrumental in providing economic stability and sustenance for Russia, particularly in terms of Chinese demand for oil, gas, and grain.
Chinese imports of Russian goods in August this year rose by 3% compared to the previous year, reaching $11.5 billion. This growth marks a reversal from the 8% decline witnessed in July, according to the latest Chinese customs data.
China has repeatedly dismissed Western criticism of its growing partnership with Russia, arguing that its collaboration with any country falls within its sovereign prerogative and does not violate international norms. Amid these discussions, the Group of Seven (G7) ministers reiterated their call for third parties to cease providing support to Russia’s war of aggression. However, China and Russia have remained resolute in their pursuit of a strengthened relationship.
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The Russian Far East, which shares borders with both China and North Korea, has acquired new strategic significance as a hub for cross-border trade and commerce. Recently, Russia’s United Oil and Gas-Chemical Co. and China’s Xuan Yuan Industrial Development signed an agreement to construct a transshipment oil complex near a railway bridge connecting the Russian town of Nizhneleninskoye to China’s Tongjiang. This move reflects Moscow’s efforts to diversify its commodity exports away from Europe, which it now considers politically “unfriendly.”
Additionally, the Russian Far East, renowned for its rich seafood resources, aims to boost exports of marine products to China. Following China’s ban on seafood from Japan due to concerns over radioactive water released from the wrecked Fukushima plant into the ocean, the Russian Far East seeks to seize this opportunity.
China’s state media highlights the growing necessity for increased grain trading between China and Russia in the face of global supply shortages. The construction of a grain corridor linking Russia to Heilongjiang, China’s northeastern breadbasket, will significantly contribute to China’s food security.
Earlier this month, Chinese President Xi Jinping declared Heilongjiang as a pivotal gateway for China’s opening up in the north. President Xi emphasized the province’s role in safeguarding national defense, food security, and energy security.
In conclusion, despite Western outcry over Russia’s actions in Ukraine, China and Russia are forging ahead with deepening economic ties. Their collaboration spans various sectors, including energy, agriculture, and trade. As global geopolitics continues to shift, these developments will undoubtedly shape the economic landscape in this region and beyond.