China, Russia on trade fast track

THE bilateral trade between China and Russia, which has been growing for eight consecutive years since 1999, may exceed US$40 billion this year, a Chinese official said yesterday.

Bilateral trade was US$20.5 billion for the first half of this year and it is likely to exceed US$40 billion for the whole year, said Wang Jingsong, an official with the European Department of China's Ministry of Commerce. Wang made the remarks while attending a Sino-Russia automobile cooperation forum in Harbin, capital of northeast Heilongjiang Province.

Sino-Russia trade has recorded an average annual 28.6 percent growth since 1999. Russia is China's eighth largest trade partner, while China ranks third among Russia's trade partners. Both countries have planned a trade volume of between US$60 billion and US$80 billion for 2010.