Reuters: China’s Xi aims to boost trade, investment with Russia

On November 4, Chinese President Xi Jinping underscored Beijing’s determination to deepen cooperation with Russia and expand mutual investment despite what he described as a “turbulent” external environment.

Xi met with Russian Prime Minister Mikhail Mishustin at the Great Hall of the People in Beijing, following Mishustin’s meeting with Chinese Premier Li Qiang in Hangzhou a day earlier, Caliber.Az reports, citing Reuters.

“China-Russia relations have stayed the course toward higher-level and higher-quality development, advancing steadily despite a turbulent external environment,” Xi said.

He stressed that safeguarding, consolidating and developing China-Russia relations is a strategic choice for both sides, noting areas such as energy, agriculture, aerospace, the digital economy and green development as key fields for future cooperation and new engines of growth.

Mishustin, for his part, said it was important for both sides to continue creating favourable conditions for attracting mutual investment and supporting joint projects. 

Xi and Russian President Vladimir Putin signed a “no-limits” partnership in February 2022, shortly before Moscow launched its invasion of Ukraine.

Since then, Russia has leaned heavily on China to mitigate the effects of Western sanctions, emphasising record trade volumes, rising yuan-based settlements and closer energy collaboration.

However, bilateral trade has dipped in recent months as Beijing faces growing U.S. pressure over technology and commerce.

In a joint communiqué released on the Russian government’s website on November 4, both countries pledged to “strengthen cooperation in all spheres and respond appropriately to external challenges.”

Russia also reaffirmed its commitment to the “one-China” policy and its opposition to “Taiwan independence.”

By Jeyhun Aghazada