World Economy

Sanctions Will Boost Moscow-Beijing Partnership

Sanctions Will Boost Moscow-Beijing PartnershipSanctions Will Boost Moscow-Beijing Partnership

The West’s anti-Russian sanctions may give an impetus to the Russian-Chinese business cooperation, including in the financial sphere, a senior Chinese official told journalists on Friday.

“Russia and China have already become very important trade and economic partners. Both countries have high complementarity in their economic structures, especially in the sphere of energy resources,” said Wang Zhaoxing, a vice chairman of China’s Banking Regulatory Commission, Tass reported.

The sanctions, imposed by the Western countries on Russia amid the Ukrainian crisis, will probably create some “temporary difficulties” for Moscow in the economic sphere, but “they cannot affect the development of the trade and economic cooperation between Russia and China,” he said.

“On the contrary, these sanctions can open a very huge space for the Russian-Chinese trade and economic cooperation,” the official said, noting that the two countries have big opportunities for developing cooperation, namely in the spheres of investment and energy resources.

“I am convinced that China’s financial sphere will be able to further enhance support for the cooperation with Russia and provide the necessary aid to expand investments in the Russian-Chinese trade,” he said.

 Significant Boost

Russia and China recently achieved a significant boost in their bilateral relations, primarily in the economic, energy, space and scientific as well as military spheres.

One of the milestone deals between the countries was signed during Russian President Vladimir Putin’s visit to China last May and it was an agreement on the Russian natural gas supplies to China.

Russian energy giant Gazprom and China National Petroleum Corporation (CNPC) signed a 30-year contract on Russian natural gas supplies to China via the eastern route worth a total of $400 billion.

Over the past few years, the two countries have noticeably increased the intensity of their contacts. China has become Russia’s major trade partner while Russia is in the top ten of China’s main trade partners. In 2002-2013, bilateral trade hiked from $12 billion to $89.2 billion.

Russia and China are planning to bring their bilateral trade turnover to $100 billion by 2015 and to $200 billion by 2020.

 Regional Stability

Russia’s partnership with China has grown into an important element of maintaining global and regional stability and security, Russian Foreign Minister Sergey Lavrov said.

Speaking at his annual news conference Lavrov said Russian-Chinese relations has gradually been expanding, while the partnership of Russia and China on the international arena has “gained solid ground as an important element in maintaining global and regional stability and security.”

“We carry on with our efforts of integrating Russia into the Asia-Pacific Region [APR],” Lavrov said. “The Russian president repeatedly stated that our cooperation with the APR is of the strategic nature for the whole 21st century. It is also important for the development of Russia’s eastern regions.”