The trade between China and Russia will surpass $100 billion by the end of the year, despite the COVID-19 pandemic, He Zhenwei, the secretary general of the China Overseas Development Association (CODA), has told Sputnik
BEIJING (Pakistan Point News / Sputnik - 26th November, 2020) The trade between China and Russia will surpass $100 billion by the end of the year, despite the COVID-19 pandemic, He Zhenwei, the secretary general of the China Overseas Development Association (CODA), has told Sputnik.
"We are expecting the overall trade volume between China and Russia to exceed $100 billion at the end of the year, I have a positive view on that matter. Although the trade between the two countries is currently being affected by the pandemic, the trade between China and Russia will show significant growth, especially in the second half of the year," He said.
The CODA secretary general noted that the Chinese market has an increasing demand for agricultural products and food and that Russia has a number of advantages in that area. The geographic proximity of the two countries, as well as the fact that Russia manufactures products without genetic modifications also work in favor of growing Russian food exports to China, he sad.
According to the Chinese customs service, in the first ten months of 2020, the China-Russia trade has decreased by 2.3 percent compared to the same period last year and is now estimated at $88.1 billion.
In 2019, the bilateral trade between the countries grew by 3.4 percent to a record $110.7 billion.
