© Getty Images / Martin Puddy
Since the introduction of Western sanctions on Moscow, Russia and China have accelerated the use of their own currencies in trade. According to Belousov, 95% of all transactions between Russia and China are now carried out in one of the countries' national currencies, and given the rapid expansion of mutual trade and cooperation, this percentage is likely to grow.
Speaking at a meeting of the Russia-China intergovernmental commission in Beijing, the deputy prime minister said bilateral trade between the two countries will exceed the target of $200 billion this year, and may reach $300 billion by 2030.
He noted that China has long been among Russia's major trade partners and that the scope of investment opportunities for the two countries is expanding.
"New joint investment projects are being launched in priority sectors such as the automotive industry, mining and gas chemical industries, agriculture, logistics, IT sector and others," Belousov said.
Chinese companies have greatly benefited from the pullout of Western companies from the Russian market, as they have been actively filling the gaps and are eager to expand their presence in Russia further.
"The withdrawal of Western companies from Russia has created vast opportunities for Chinese partners to take part in Russia's in oil and gas, petrochemical and car manufacturing enterprises, as well as companies producing consumer goods, glass products, and construction materials," Belousov stated.
Comment: Also, thanks to Western sanctions.
Russia has largely been supplying China with energy products, such as oil and gas, as well as refined products, agri-food, and industrial products. China has been exporting almost all types of goods, including food, equipment, mobile phones, electronics, engineering products, furniture, toys, textiles, clothing, and footwear.
Reader Comments
Firstly because like this article articulates....it is being calculated in dollars, not rubles or yen, secondly because they cannot mention their consortium of price fixing, which is still done in dollars (one of the biggest is the diamond trade, then precious metals which have to be fixed as a global standard when fiat becomes obsolete or temporary effects from its use ie during war or natural disaster (insurance policy) as trade loans or agreements cannot be met creating huge losses (ie without would be gambling, where countries rely on certainty, not speculation when rebuilding from natural disaster or war). The west proved it could build back AND pay off huge debts it never even owed in the first place. Also money is consistant with population, more people more loans more interest more ability to exchange into capital gains. With no debt release national or international they have to keep the status quo.
House of cards
Rather Janga...with each taking their turn at pulling a piece out hoping they don't all tumble.
Jokers and Trump cards are their fun and games.
Clowns these elite are.
Predators with smiling inbred faces.
Jenga is a good analogy for the housing market, build it up and everyone takes from it to the point it crashes.