China premier meets Putin, vows more cooperation with Russia

CHINESE Premier Li Qiang told Russian President Vladimir Putin that relations between the two countries “benefit regional and even world peace, stability and prosperity”.

President Xi Jinping’s government is willing to explore cooperation opportunities in emerging fields with Moscow, while consolidating their partnership in traditional areas, Li said during his meeting with Putin in the Kremlin on Wednesday (Aug 21), according to a readout from Beijing.

More focus should be put on scientific and technological and industrial innovations, he added.

China is ready to work with Russia to strengthen their “all-round practical cooperation”, Li told his Russian counterpart Mikhail Mishustin in a separate meeting. He also pledged to push Beijing’s comprehensive strategic partnership with Moscow “to a new level”, the official Xinhua News Agency reported.

The Chinese premier’s visit to Russia highlights the growing ties between the two nations.

China has become Russia’s main trading partner in the wake of Putin’s 2022 invasion of Ukraine and the subsequent, sweeping sanctions imposed by the US and European Union against Moscow.

SEE ALSO

China’s economy fails to pick up after worst stretch in five quarters

China should seriously consider a 2% inflation target

China economy is plodding along in absence of consumption spark

DECODING ASIA

Navigate Asia in
a new global order

Get the insights delivered to your inbox.

Trade between the two countries surged by more than 60 per cent to US$240 billion in 2023, with Russia surpassing Germany, Australia and Vietnam on the list of Beijing’s top trading partners, Chinese customs data show. The yuan now accounts for about 40 per cent of Russia’s export and import payments and more than half the value on Russia’s foreign currency market.

Li and Mishustin said China and Russia have complementary advantages and huge potential for practical cooperation, and the two sides should boost cooperation in both traditional and emerging areas, Xinhua reported.

“China and Russia should steadily advance cooperation in traditional areas such as economy and trade, investment, agriculture and energy, and expand cooperation in emerging areas including digital economy, biomedicine and green development,” according to the report. BLOOMBERG