Russia, China agree on raising share of national currencies in trade

Russia and China have agreed to raise the share of national currencies in trade payments, according to a joint statement signed by Russian President Vladimir Putin and Chinese leader Xi Jinping after their negotiations.

The document mentions "further strengthening of the Russian-Chinese cooperation in the financial sector, promoting increase of the share of national currencies in trade payments, investments and financing, expanding collaboration in such fields as payment systems and insurance" among the tasks faced by the two countries.

The leaders also agreed to set the trend of rising Russian-Chinese trade turnover and further improvement of its structure, to look for new growth areas and collaboration forms in the field of trade and economic cooperation. The two neighbors also plan to "boost efforts aimed at harmonizing strategies, programs and measures to develop national economies and particular sectors; create favorable environment for Russian and Chinese enterprises; jointly promote big projects in accordance with subjectivity principles of companies, the market-oriented approach, commercial-based work and observance of global practices; and sustainably expand the scope and raise the level of Russian-Chinese investment collaboration," as well as to create favorable conditions for trans-border bond issuance.

The issues of "deepening cooperation in the oil and gas, coal, electricity areas, as well as in the fields of renewable energy resources, energy equipment and energy efficiency" are also on the agenda.

Trade turnover

Vladimir Putin believes that Russia and China can reach a turnover of $100 bln by the end of 2018.

"In January-March 2018, the volume of Russian-Chinese trade grew by 31%. If this rate is maintained, by the end of the year we will be able to reach a record figure - the level that we spoke about over several years - $100 bln," he told reporters after the Russian-Chinese talks.

Putin recalled that last year trade turnover between Russia and China amounted to $87 bln and " at the same time, supply of products with a high processing degree - machines, equipment, vehicles, increased." Putin noted expansion of investment cooperation. He specified, "More than 70 priority projects worth over $20 bln are being implemented through the intergovernmental commission for investment cooperation."

Premier of the State Council of China Li Keqiang said earlier on Friday that China is ready to develop cooperation with Russia both in traditional spheres for the two countries, and in other areas, including nuclear sphere. "This year, we can expect to see bilateral turnover of $100 bln. We have already accomplished the goal and we can rise to a new level. We are ready to develop cooperation in traditional areas and in new areas, in particular, in nuclear sphere," he said.