China ready to cooperate with Russia to improve energy supply chain

Russian and Chinese leaders set the task of doubling trade turnover between the two countries, bringing trade turnover from 100 billion USD/year in 2018 to 200 billion USD in 2024.

China affirmed its readiness to cooperate with Russia to build a high-level energy partnership. (Source: RIA)

Chinese President Xi Jinping said on October 19 that China is willing to cooperate with Russia to improve the sustainability of the energy supply chain.

“Looking to the future, China is willing to work with Russia to build a high-level energy partnership and continuously improve the sustainability of the energy supply chain,” Xi said in a congratulatory letter to the Russia-China Energy Business Forum, according to China Central Television.

The Chinese president also expressed his willingness to promote the healthy, stable and long-term sustainable development of the global energy market, and contribute to building a global clean energy partnership with Russia.

According to the General Administration of Customs of China, in the first 9 months of 2023, China exported goods worth nearly 81.5 billion USD to Russia, up 56.9% over the same period in 2022, and imported 94.9 billion USD, up 12.7% over the same period in 2022.

In September 2023 alone, trade turnover between the two countries reached 21.1 billion USD. In 2022, Russia-China trade turnover reached 190.27 billion USD, an increase of 29.3% compared to 2021.

The leaders of Russia and China have previously set the task of doubling trade turnover between the two countries, bringing trade turnover from 100 billion USD/year in 2018 to 200 billion USD in 2024.

After Russia launched a special military campaign in Ukraine, relations between Russia and the US and the West encountered many difficulties, causing Russia to increasingly promote its Eastward policy, focusing on China. It is likely that with the strong growth momentum seen in the 3rd quarter of 2023, Russia-China trade turnover will exceed the 200 billion USD mark in 2023.

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