China has made a “conscious” investment turn toward Russia this year, the Russian-Chinese Committee of Friendship, Peace and Development co-chair said.
“There are difficulties in agreeing on the terms, but a conscious investment shift toward Russia occurred in China this year,” Boris Titov told Sputnik. “The signal that you need to do business with Russia has reached the heads of private and public firms over the past year.”
Titov said this year’s investment activity has surpassed anything he has seen in his 10-year tenure at the interstate non-governmental group.
Established in 1997, the Russian-Chinese Committee of Friendship, Peace and Development tasks itself with broadening and strengthening the public basis of mutual relations with support from both governments.
Titov noted limited but active settlements in national currencies, primarily manifested in frontier trade and Russian sporting goods exports.
“Trade turnover must be extensive, this allows you to pay in national currencies,” he said.
Up to 320 Russian business representatives and around 500 businesspersons from China took part in a Russia-China small- and medium-sized business forum last April exploring the vast mutual trade potential.
Titov said Russia would host the next small- and medium-business forum in the resort city of Sochi at China’s request next April.
Bilateral trade between Russia and China amounted to $95 billion last year, with Moscow and Beijing intent to increase it to $100 billion in 2015. China is Russia’s largest economic partner.