In 2010, China became Russia's largest trading partner. Prospects for expanding trade and economic cooperation were discussed during the visit of Russian Prime Minister Vladimir Putin to China on October 10-12. The visit of Vladimir Putin was connected with the continuation of negotiations on the suspended 30-year contract for the supply of Siberian gas.
In 2010, the trade turnover between China and Russia grew by 43,1%, amounting to $ 55,45 million. This year, trade turnover promises to grow to a record $ 70 billion. Both countries want to increase turnover to $ 100 billion. And this plan is planned to be reached by 2015 year. and by 2020, bilateral trade should increase to $ 200 billion.
Over the 8 months of 2011, the volume of trade between Russia and China increased by 43,7% to $ 50,8 billion.
“Against the backdrop of a weakened global economy, these results are impressive, with the sale of raw materials and energy occupying a significant niche in trade,” said Jiang Yu, an expert on Russian studies at the Chinese Academy of Social Sciences.
China's investment in Russia's non-financial sector rose 43,8% to $ 594 million last year, with these funds raised in energy, mining, forestry, manufacturing and infrastructure projects.
“Chinese companies are profitable to use the infrastructure of Russia. After all, the APEC summit will be held next year, but don’t forget about the Winter Olympic Games in 2014 and the World Cup in 2018, ”said San Yao, Vice Governor of the northeastern Heilongjiang Province, which is located on the border with Russia.
The Chinese themselves are confident in the economic prospects of their country. This is the latest research by McKinsey consulting company, during which 15 thousand consumers from 49 cities of China were surveyed.
The confidence index rose by 8%, although the country's GDP fell to 10,3% in the second quarter, while in the first quarter it was 11,9%.
“Chinese consumers have a strong enough confidence in the economy than people in other countries,” said Max Magni, McKinsey's commodity circulation researcher.
Studies confirm that China’s domestic consumption growth is expected to be at 11%, and it will outpace GDP growth.
“By 2020, China’s domestic consumption will account for 42% of GDP, but now it is 36-37%,” said Vinay Dixit, director of consumption at McKinsey.
However, a strong jump is not expected, despite the large growth of shopping centers.
Dixit added: “It is worth noting that only one percent of Chinese consumers will buy luxury goods with enviable regularity, therefore, new stores and facilities will satisfy them. Stimulating demand is a gradual process. ”