China-Russia Trade Hits New High as Xi Jinping Praises Cooperation

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The year concluded with China and Russia reaffirming their strong partnership at their annual year-end meeting. Both countries pledged to strengthen their relationship across various issues as their record-breaking trade surpassed significant milestones.

During a meeting with Prime Minister Mikhail Mishustin, Chinese leader Xi Jinping announced that bilateral trade between China and Russia had exceeded $200 billion in the first 11 months of the year, surpassing the goal set by Xi and Russian counterpart Vladimir Putin in 2019. The two leaders then pledged to achieve the $200 billion mark by 2024, a commitment made amidst the continuing expansion of trade between their countries. In 2022, following the Kremlin's invasion of Ukraine, trade grew by approximately 30% to reach a record $190 billion.

Wednesday's latest trade figures indicate the "strong resilience and broad prospects" for cooperation, according to Xi. He emphasized the need for both sides to leverage their political mutual trust advantages and deepen collaboration in economy, trade, energy, and connectivity during the meeting, as reported by Chinese state news agency Xinhua.

China, the second largest economy in the world, has become a crucial economic support for Russia in the aftermath of the United States and its allies slashing trade and implementing sanctions following Moscow's invasion of its neighboring country. Critics are stating that China's support is bolstering Russia's war efforts, despite Beijing's claims of being neutral in the conflict and calls for peace.

Leaders in China view Moscow as a vital counterbalance to a hostile West and have condemned Western sanctions. They have not backed UN efforts to criticize Russia, instead increasing energy purchases from Russia and becoming an essential supplier of consumer goods to its isolated market.

China's vice chairman of the Central Military Commission Zhang Youxia and Russia's Defense Minister Sergei Shoigu arrive at the Xiangshan Forum in Beijing on October 30, 2023.

Pedro Pardo/AFP/Getty Images

China touts global security vision at a defense forum in Beijing - with Russia by its side

The latest Chinese customs data indicates that trade between China and Russia hit an all-time high, reaching nearly $218.2 billion in the first 11 months of 2023. However, this amount only accounts for 4% of China's total global trade, which amounted to $5.41 trillion during the same period.

During Prime Minister Mishustin's two-day visit, China and Russia expanded their cooperation on various matters, including co-chairing an annual high-level, year-end meeting with Chinese Premier Li Qiang on Tuesday.

The agreements signed encompassed the enhancement of trade, transport, ecommerce, and customs procedures, as well as the collaboration on developing Arctic shipping routes, aircraft manufacturing, space exploration, and satellite navigation, according to a statement from China's Foreign Ministry.

Furthermore, the Chinese and Russian militaries conducted routine consultations on Wednesday and committed to "elevating the level of strategic coordination" between them to "further peace and security in the region and the world," according to China's Ministry of Defense.

During his meetings, Mishustin lauded the long-standing friendship between the Russian and Chinese people, stating that the relationship between the two neighbors has reached an unprecedented level, as reported by Russian state media Tass. In the past year, Xi and Putin have had two in-person meetings, as both leaders have had few international trips in the last two years.

Xi selected Moscow as the destination for his initial international visit shortly after beginning his unorthodox third term as President of China earlier this year. In October, Putin traveled to Beijing for a rare overseas visit, where he was honored as the special guest at a forum commemorating Xi's Belt and Road infrastructure initiative.

During a live year-end broadcast last week, Putin praised the partnership with China, describing the level of collaboration as "unprecedented" and forecasting a 30% rise in trade compared to the previous year.

According to a Kremlin transcript, Putin stated that both the Russian and Chinese governments are dedicated to achieving their shared goals. He also referred to President Xi Jinping as Russia's friend. The progress of their work is described as rapid, steady, and confident. Reporting for CNN was contributed by Laura He and Mengchen Zhang.