China and Russia Deepen Economic Ties, Surpassing Trade Target

Despite Western sanctions and pressure, the two nations pledge to expand cooperation in various sectors, with over 90% of trade conducted in roubles or yuan.

• Chinese President Xi Jinping and Russian Prime Minister Mikhail Mishustin have pledged to deepen economic ties between their countries, with Xi describing the relationship as a 'strategic choice'.
• Bilateral trade between China and Russia has hit $218 billion, surpassing the $200 billion target set by Xi and Russian President Vladimir Putin a year ahead of schedule.
• Both leaders have expressed a desire to expand cooperation in areas such as economy, trade, energy, and connectivity, and to maintain the security and stability of industrial and supply chains.
• Over 90% of trade between the two countries is now conducted in either roubles or yuan, as Russia seeks to reduce its dependence on the US dollar amid international sanctions.
• Despite Western pressure and sanctions over Russia's invasion of Ukraine, China has continued to support Russia, with the two countries increasingly turning to each other for economic and energy cooperation.

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