Russia-China trade turnover expected to reach $215-220 bln by 2023 end
BELOKURIKHA /Altai Region/, March 3. /TASS/. The trade turnover between Russia and China is growing fast and is expected to reach $215-220 bln by the end of 2023, director of the Institute of Asian and African Countries of Moscow State University Alexey Maslov told TASS on Friday
According to him, it was assumed that Russia's trade with China would reach $200 bln only by 2024, but the volume has already reached $194 bln by the end of 2022. "If everything goes well, we will reach at least $215-220 bln by the end of the year," Maslov believes.
He explained that the withdrawal of Western and Japanese companies from the Russian market caused the trade turnover to grow faster. "At least four large Chinese car companies now supply their advanced products to Russia," the expert noted.
The expert also said that the flow of high-tech Chinese goods to Russia has increased. "On the one hand, Chinese technological giants such as Huawei have left Russia. But on the other hand, second-tier companies arrived, which had no chance in China or the United States. However, their products are not any worse. It's not just end products like smartphones, but also modems, motherboards, and so on," Maslov explained.
Russia, in turn, has increased its oil and gas supplies to China. "China hoped to reduce its reliance on oil and gas and shift to alternative energy, but it turned out to be more expensive than traditional energy. Although the share of water, solar, and other renewable energy is increasing, it is still lower than traditional energy," he added.
