Nations' trade cooperation reaches record heights

Stable development of ties achieved through deepening collaboration in wide-ranging sectors

Amid a turbulent global landscape and shifting international trade environment, China-Russia economic and trade cooperation stood out in 2024 for its stability and resilience.

According to data released by China's General Administration of Customs, China-Russia trade volume reached a new record high in 2024, totaling $244.82 billion, an increase of 1.9 percent year-on-year. China's exports to Russia grew by 4.1 percent, amounting to $115.50 billion, while imports from Russia remained largely stable at $129.32 billion.

Xu Poling, director of the department of Russian economy at the Institute of Russian, Eastern European and Central Asian Studies under the Chinese Academy of Social Sciences, told Russian news agency Sputnik that achieving such trade figures in 2024 was no easy feat, given the challenges facing China-Russia trade cooperation.

According to Xu, China and Russia share a common commitment to openness. He noted that China's Belt and Road Initiative has effectively aligned with Russia's diversified cooperation strategies aimed at engaging with emerging economies. Furthermore, China's involvement in BRICS, the Shanghai Cooperation Organization and the BRI has expanded to cover new sectors, especially in e-commerce and digital trade, offering new platforms and momentum for future development.

Xu also highlighted Russia's economic growth of nearly 4 percent in 2024 but cautioned that growth might slow in the first half of this year. He added that Russia still needs to enhance its production capacity, rely on imports to meet market demand, and address shortages in certain sectors, particularly in tackling inflation.

Overall, the economic landscape and mutual demands of China and Russia create favorable conditions for the continued development of bilateral trade, he said, underscoring how the deepening cooperation along industry supply chains is providing a strong foundation for future trade and economic collaboration.

In an interview with Rossiya Segodnya International Information Agency, Chinese Ambassador to Russia Zhang Hanhui said that the trade structure between China and Russia continues to improve.

Specifically, energy trade remains stable, while cooperation in sectors such as automobiles, machinery and agriculture has been particularly impressive. Emerging areas such as services trade and cross-border e-commerce are also experiencing rapid growth. Chinese-brand mobile phones, televisions and refrigerators, as well as Russian beef and dairy products, are highly popular among consumers in both countries.

Additionally, Zhang noted that cooperation at the regional and corporate levels remains vibrant. Frequent exchanges between provinces and regions, as well as strong business engagement in trade expos and fairs held in both countries, reflect a positive trend of mutual interest and investment.

He said that normal trade relations between China and Russia serve the fundamental interests of both nations and expressed confidence that with joint efforts, practical cooperation between the two countries will continue to demonstrate strong resilience and potential, leading to further achievements.

Major projects

Several key infrastructure projects between China and Russia are advancing steadily. For instance, the China-Russia oil pipeline and the Power of Siberia natural gas pipeline are operating smoothly, while cargo volumes across the Heihe Highway Bridge and Tongjiang Railway Bridge continue to rise. Energy, aviation and aerospace collaborations between the two nations are also progressing effectively.

On Dec 2, 2024, China completed the full connection of the Power of Siberia pipeline — the country's largest single-pipe gas transmission project — bringing its annual gas transmission capacity to 38 billion cubic meters, reaching its highest level.

The Power of Siberia pipeline is China's third major cross-border gas transmission project, following the Central Asia-China pipeline and the China-Myanmar pipeline. As a key part of China's four major energy corridors, its northern route starts from Heihe, Heilongjiang province, and extends southward to Shanghai, spanning nine provincial regions over a total length of 5,111 kilometers.

It was approved and constructed in three phases: the northern section (Heihe to Changling, Jilin province), the central section (Changling to Yongqing, Hebei province), and the southern section (Yongqing to Shanghai). Since the northern section began operations in December 2019, the pipeline has delivered a total of over 80 billion cu m of natural gas.

The full operation of the Power of Siberia pipeline marks the direct supply of Russian gas from northern China to Shanghai. It also integrates with the Northeast China gas network, the Shaanxi province-Beijing pipeline system, the West-East gas pipeline system, and several coastal liquefied natural gas receiving terminals, significantly enhancing China's gas supply capacity and emergency response capabilities in the eastern region.

Xu Qinhua, director of the Center for International Energy and Environment Strategy Studies at Renmin University of China, said that China is one of the world's largest natural gas consumers, while Russia possesses abundant natural gas resources. The successful completion and operation of the Power of Siberia pipeline has further strengthened China-Russia energy cooperation.

"China and Russia share many common interests in energy cooperation, particularly in natural gas. The operation of this pipeline deepens cooperation in this sector and plays a positive role in strengthening bilateral relations," she said.

China has been Russia's largest trading partner since 2010, while Russia moved up to the fourth spot among China's trading partners in 2023. In 2018, China-Russia bilateral trade surpassed $100 billion for the first time, reaching $107.06 billion. The two countries' leaders had set a goal to double bilateral trade by 2024, and this milestone was achieved ahead of schedule, with trade reaching $227.8 billion in 2023.Over 90 percent of transactions between Chinese and Russian companies are now settled in their respective national currencies.

Looking ahead, China and Russia will continue to deepen cooperation in industrial and high-tech sectors, space exploration, peaceful use of nuclear energy, artificial intelligence, renewable energy and other innovative fields. Both sides are also committed to improving legal and regulatory frameworks while enhancing transportation and financial infrastructure to facilitate long-term strategic collaboration.