Russian President Vladimir Putin and Chinese Vice Premier Zhang Guoqing met on the sidelines of the 8th Eastern Economic Forum (EEF) in Vladivostok, Russia, where they discussed the robust state of Russia-China relations. Putin stated that bilateral relations are currently experiencing their best period in history, with strong development in various fields such as trade and the economy. He emphasized that the Far East has become a new growth point for cooperation between the two countries.
Chinese experts have observed that Russia is increasingly focusing on boosting economic cooperation with major developing countries like China and India to demonstrate that it can develop independently of Western influence.
During the EEF, Putin announced that China-Russia trade could surpass $200 billion in 2023 for the first time, with bilateral trade growing by around 30 percent annually in recent years. The Chinese vice premier confirmed that bilateral trade reached $155.1 billion in the first eight months of 2023, up 32 percent from the previous year, indicating that the goal of $200 billion in bilateral trade could be achieved ahead of schedule.
Chinese President Xi Jinping and President Putin have maintained strategic communication, and they will continue to guide the comprehensive strategic partnership of coordination between the two countries to new heights.
The EEF also attracted high-level delegations from many developing countries, including India, China, Laos, Mongolia, and ASEAN, demonstrating Russia’s efforts to diversify its economic partners and signal its ability to develop without Western nations.
Putin criticized Western countries for undermining the global trade and financial system they had built. He stated that a new model of relations and integration is emerging, not based on Western models, but for the benefit of the entire world. He highlighted that Russia’s trade with Asia-Pacific countries increased significantly, indicating the shift in economic ties away from Western nations.
Russian GDP growth in the second quarter of 2023 was 4.9 percent year-on-year, demonstrating Russia’s determination to withstand Western sanctions and maintain economic growth.
Chinese analysts view Russia’s decoupling from the West as an opportunity for Chinese firms, as they increasingly become Russia’s most significant trade partner. China’s role in filling the gaps left by Western companies and integrating industries between the two nations is strengthening bilateral economic ties.
The development of Russia’s Far East region is a top priority for the country, with a focus on developing mineral resources and increasing value-added production. China’s northeast region is set to play a pivotal role in cooperation with Russia’s Far East as the two nations deepen their economic and strategic ties.
In summary, Russia and China are bolstering their economic partnership amid Western isolation. Both nations see significant potential in expanding their cooperation, particularly in Russia’s Far East region, which aligns with China’s Belt and Road Initiative and the rejuvenation of its northeastern region.