Translation. Region: Russian Federal
Source: People’s Republic of China in Russian – People’s Republic of China in Russian –
Source: People’s Republic of China – State Council News
Moscow, June 19 (Xinhua) — China remains the main driver of global economic growth and Russia’s number one trading partner, said Andrey Kostin, president and chairman of the board of Russian bank VTB, in a written interview with Xinhua on the sidelines of the 28th St. Petersburg International Economic Forum, which is being held in St. Petersburg from June 18 to 21.
Over the past 5 years, China’s contribution to global economic growth has averaged around 30 percent, making China one of the main drivers of global economic growth, noted A. Kostin.
Speaking about bilateral trade between Russia and China, A. Kostin reported that “last year, trade turnover amounted to almost 245 billion dollars, and in the medium term, it is expected to reach 300 billion dollars per year,” he added.
At the same time, according to the head of VTB, the interaction between Russia and China in the area of mutual investments is still noticeably lagging behind the dynamic growth in trade. “Their volume today does not correspond to the level and quality of political dialogue,” the banker is sure.
A. Kostin recalled that in order to develop this area, Russia and China updated their investment cooperation plan in August 2024. In his opinion, one of the promising areas for joint investment is the development of transport and logistics infrastructure, which is important for ensuring further growth of trade and economic cooperation, including cross-border and regional.
Joint projects in the energy, oil and gas, and agro-industrial sectors have great potential. “Here we can talk about investments in projects in Russia, Russian supplies of raw materials and agricultural products to China, as well as the creation of joint ventures to enter third-country markets with final products,” suggested the Xinhua source.
In addition, according to A. Kostin, in order to ensure the technological sovereignty of the two countries in modern geopolitical realities, it is important to finance joint developments and projects in the field of developing technological cooperation, including digitalization and the creation of artificial intelligence.
The head of VTB noted that China has traditionally been one of the most important areas of the bank’s international activities. The branch in Shanghai has been operating in the Chinese market for 17 years and today remains the only Russian bank in the country.
In addition, VTB has been supporting Russian-Chinese cultural exchanges for many years, because mutual study of culture and traditions helps people from different countries to understand each other better. “In international business, knowledge of the partner’s ‘cultural code’ helps to establish deeper and more trusting relationships, and therefore, it facilitates effective cooperation and the achievement of a more lasting result,” the head of the Russian bank believes.
As part of the cross-cultural Years of China and Russia /2024-2025/, VTB has become a partner in a series of large-scale tours of Russian art in China, and projects that introduce Russians to Chinese art are being implemented with its support. “We will be glad to continue to take an active part in the development of cultural dialogue between our countries,” concluded A. Kostin. –0–