China-Russia trade to expand despite world economic slowdown
Russia was one of China's main suppliers of energy, and electro-mechanical and high-tech products, and even the continuing decline in world commodity prices did not prevent the stable improvement of bilateral cooperation, Li said in a recent interview with the Interfax news agency.
The pairing of the China-proposed Belt and Road Initiative with the Russia-led Eurasian Economic Union, agreed between leaders of both nations in 2015, would create favorable conditions for their over-all cooperation in various sectors, he said.
The Belt and Road Initiative comprises the Silk Road Economic Belt and the 21st Century Maritime Silk Road and aspires to build a trade and infrastructure network connecting Asia with Europe and Africa along the ancient Silk Road routes. The EEU groups Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia.
According to Li, China's direct investment in Russia has already exceeded $10 billion, and the two countries have planned 66 priority projects for a total of $90 billion. ■