Trade turnover between Russia and China breaks record
(Baonghean.vn) - The result of increased cooperation in 2023 between China and Russia has seen bilateral trade increase by 26.3% to a record $240.1 billion. Leaders of the countries believe in increasingly close ties to counter Western sanctions.
Since the establishment of the Northeast Military District, Russia and China have significantly increased their economic cooperation, helping them to resist and even withstand US and European sanctions, RT news agency quoted La Tribune as saying. According to Chinese customs data, in 2023, trade turnover with Russia increased by 26.3% and reached a record high of 240.1 billion USD.
At the Russia-China Energy Forum in October 2023, Russian President Vladimir Putin noted the “unprecedented” level of strategic and global cooperation with Beijing. He said that conflicts and threats in the world only “strengthen” the relationship between the two countries and that “mutual political trust” is constantly growing. Meanwhile, Chinese President Xi Jinping recalled that he had met the Russian leader 42 times in the past 10 years and had established “good economic ties and a strong friendship” with him.
In contrast to the bright economic picture between Russia and China, amid geopolitical tensions in 2023, trade between China and the US fell by 11.6% and fell to $664.4 billion for the first time since 2019.
According to La Tribune, global trade has been severely affected by the aftermath of the Covid-19 pandemic crisis and the increasingly fierce economic confrontation between China and the United States. As a result, according to official statistics, the Chinese economy experienced a slowdown in growth in the last three months of 2023. Although it seems to be beneficial for purchasing power, in reality, due to low demand, manufacturers are cutting production, reducing product prices, and low incomes are forcing companies to lay off employees.
Authorities acknowledged “difficulties” in the economic recovery process, but stressed that overall “favorable factors prevail over unfavorable factors” and positive momentum remains in the long term./.
