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A. Ulyukaev: China's direct investment in Russia to 2020 will increase by 7 times

Yesterday, Russian Economic Development Minister A. Ulyukayev held talks with the Minister of Commerce of the People's Republic of China Gao Hucheng in Qingdao, China, as part of the opening meeting of the trade ministers of the APEC forum, the ministry's press service said.

The heads of the economic departments of Russia and the PRC agreed on the elaboration and launch of three new interaction mechanisms.

It is about creating a joint high-level working group on strategic projects of Russian-Chinese space cooperation. The Russian side proposed to include in this list projects related to the use of the transit potential of the Russian Federation, interaction in the field of navigation systems and cooperation in the field of the aluminum industry.

The second mechanism is based on the creation of a Russian-Chinese investment committee. "According to the ministers of the two countries, mutual investments will become a new point of growth for the economies of Russia and China. It is assumed that the projects being worked out will increase the volume of China's direct investment in the Russian economy by 2020 by 7 times," the message says.

The third direction is connected with the intensification of cooperation in the Russian Far East. At the same time, as Ulyukayev noted, the forms of participation of Chinese companies can be diverse: investments, loans, contract work, as well as participation in a project throughout the entire life cycle. In addition, the possibilities of working and managing Chinese companies in special economic zones and advanced development territories created in the Far East were discussed. PRC Minister of Commerce G.Huchen stressed the importance of Russia's support for China’s initiative to create an Asia-Pacific free trade zone in APEC for 2025.

The ministers also discussed the prospects for the Russian-Chinese trade, which, according to the results of the first quarter of this year, showed a positive trend. In January-March this year, bilateral trade increased by 2,2% and amounted to $ 21,6 billion, while Russia's exports to China - $ 9,4 billion (7,9%), imports from China - $ 12,2 billion.

"We have serious work ahead of us to achieve the goal of bringing the volume of mutual trade to $ 2015 billion, set by the leadership of the two countries for 100," Ulyukaev said.

The Minister of Commerce of the People's Republic of China noted the fruitful nature of cooperation with the Ministry of Economic Development of Russia in preparing the upcoming Russian-Chinese summit in Shanghai, during which it is planned to sign the procedure for 40 documents.

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