Russia and China Need to Optimize Payment and Logistics Systems

To further develop export and import between Russia and China, it is necessary to deepen industrial cooperation and production localization, as well as strengthen collaboration in the fields of standardization and certification, stated Guo Kuilong, Head of the China Chamber of Commerce for Import and Export of Machinery and Electronic Products, during the III International Forum “SPROUTS: Russia and China – Mutually Beneficial Cooperation”. He noted that one of the key challenges today is the optimization of the payment and logistics systems.

“We can facilitate the establishment of more efficient, secure, and independent payment and clearing systems between the financial institutions of our two countries. At the same time, it is essential to reinforce the development of infrastructure such as railways and highways, and exploit digital technologies to optimize customs clearance procedures. This will reduce logistics costs and enhance trade efficiency,” Guo Kuilong said.

He identified new energy vehicles and components for them, specialized industrial equipment, high-tech machinery, supply chain management, and logistics services as the most promising and high-demand trends for exporting products from China to Russia.

“In the current complex international environment, efficient and stable supply chains and logistics services are becoming particularly crucial. Chinese companies possess mature solutions and technologies in logistics, warehousing, and supply chain management, which can help Russian enterprises optimize their activities and reduce costs,” stated the Head of the China Chamber of Commerce for Import and Export of Machinery and Electronic Products.

China's interest in importing Russian products is shifting from traditional energy resources to more diversified areas, added Guo Kuilong. Firstly, this includes industrial raw materials; secondly, agricultural products and food; and thirdly, high-tech equipment and technologies.

“Russia has unique technological advantages in fields such as the aerospace industry, heavy machinery manufacturing, and fundamental research. Chinese companies are highly interested in adopting advanced Russian technologies and collaborating in research, development, and production,” stated Guo Kuilong.

*****

The Third International Forum “SPROUTS: Russia and China – Mutually Beneficial Cooperation” will be held in Kazan on August 18-19. Participants from 32 countries, 59 regions of Russia, and 24 administrative divisions of the People's Republic of China have registered for the forum. Eleven government delegations and at least 200 Chinese corporations are expected to attend. Approximately 10,000 people will participate in the forum.
The business program covers areas such as inter-state dialogue, economics, industry, education, business and entrepreneurship, business associations, finance and investment, culture, media, law, transport, agriculture, tourism, and construction. The program features around 100 events, including 70 business sessions. Around 20 agreements are planned to be signed at the forum.
ANPO Directorate of International Programmes is the operator responsible for preparing and holding the SPROUTS Forum.
Official website of the SPROUTS Forum: https://russiachinaforum.com