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Enhanced Russian trade ties explored
By Shao Zongwei (China Daily)
Updated: 2004-05-26 08:33
Chairman of the National People's Congress (NPC)
Standing Committee Wu Bangguo Tuesday said China and Russia should enhance their
trade and economic partnership by expanding areas of co-operation.
Chairman of the National People's Congress
(NPC) Standing Committee Wu Bangguo speaks at a forum on Sino-Russian
border and regional synergy in Moscow, May 25, 2004.
[newsphoto] |
Speaking at a forum on Sino-Russian border and regional synergy in the
Russian capital, Wu suggested the two neighbours should improve the make-up of
their trading commodities, increase investment, promote regional collaboration
among enterprises and improve the environment for economic accord.
Sino-Russian trade ties have experienced ups and downs throughout the 1990s,
though recent efforts by the governments have brought about a new surge in
trade, senior Chinese officials, including Wu, hold that the current figures
still have plenty of room for improvement.
Last year, trade between China and Russia exceeded 130 billion yuan (US$15.7
billion), an annual increase for the fourth consecutive year. With a
year-on-year growth rate of 35.6 per cent between January and April, the figure
could well pass 165 billion yuan (US$20 billion) this year.
Garment and food products still remain the staple for China's exports to
Russia, while China mainly imports energy resources and timbre from Russia.
"Labour-intensive goods and products with low added value and primary
products have taken up too much of bilateral trade, which does not match the
economic development, industrial and technological levels of the two countries,"
said Wu.
He said increases in high-tech goods, mechanical and electronic products
should rise to help balance trade.
Chairman of Council of Federation of the Russian Federal Assembly Sergey M.
Mironov agreed.
He said emphasis on new economic ties in areas such as telecommunications are
needed, for example.
With China and Russia sharing a border of more than 4,000 kilometres,
transactions along it take up an important part in trade. Last year, border
activity accounted for 22.3 per cent of the overall trade volume, reaching 29
billion yuan (US$3.52 billion).
While pledging that China will encourage its enterprises to participate in
the development of Russia's Far East region and Siberia, Wu told the forum that
China welcomes Russia's participation in the nation's efforts to develop its
western regions and to revitalize its old down-trodden Northeastern part, a
heavy industrial area with large State-owned enterprises.
The neighbouring states also need to encourage accomplished enterprises to
participate in joint projects and investment, said Wu.
Wu, highlighting opportunities rapid economic development brings from
investment, said the countries need to actively promote development on energy
resources, infrastructure construction, the conversion to high-tech equipment to
improve productivity, electronics and information technology.
He also called for greater efforts for a more fair legal environment to back
up the entrance of the other country's commodities, investment and services into
the market.
Chinese trade observers hold that loopholes in Russia's business systems have
often led to disputes arising from the "grey customs clearance."
With permission from the Customs Committee of Russia, "customs clearance
companies" provide "one-stop" customs service.
Favourable policies such agencies enjoy have attracted many Chinese business
people to turn to them for customs procedures. However, many of them do not
supply customs clearance manifests, which can put their clients under suspicion
of smuggling.
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