This was announced by the President of the Russian Federation Vladimir Putin during the plenary session of the Russia Calling! forum.
“Such a volume of trade turnover as between Russia and China now, there has never been before - it is already more than $240 billion, in dollar equivalent. This is the best evidence indicating that the mechanisms in place – both in China concerning Russian investments and economic operators, and vice versa for Chinese entities and investments in Russia – are functioning effectively,” - the president said.
At the same time, the creation of an effective system of mutual settlements remains the main problem. This is primarily due to the transition to national currencies.
“Nearly 90% of trade turnover is conducted in national currencies - in yuan and in rubles. Additionally, we are poised to leverage the electronic capabilities of our central banks. Significant expert-level collaboration is underway between our central banks now,” - said the President.
Vladimir Putin also spoke about the reasons for the increased interest of Russians in Chinese cars. He said that the growing popularity of Chinese cars in Russia is due to the withdrawal of Western manufacturers and the competitiveness of Chinese cars in terms of quality and price. Despite some consumer dissatisfaction, cooperation in the auto industry with China is developing, and localization of production may further increase the share of Chinese cars in the Russian market.
Source: RIA Novosti