Andrey Prokhorovich, Head of ED Group, Takes Part in the Russia-China Intergovernmental Commission on Investment Cooperation

The 10th meeting of the Russia-China Intergovernmental Commission on Investment Cooperation was held in Beijing.

The Russian side of the Commission is headed by Andrey Belousov, First Deputy Prime Minister of the Russian Federation, while the Chinese side is headed by Ding Xuexiang, Vice Premier of the State Council of the People’s Republic of China.

“Today, Russia-China relations of comprehensive partnership and strategic cooperation have reached an unprecedentedly high level and continue to develop across all areas,” Andrey Belousov said. “They are built on a solid foundation of mutual respect, equality and trust, non-interference in each other’s internal affairs, and support for each other’s development and prosperity.”

The First Deputy Prime Minister recalled that Russian President Vladimir Putin and Chinese President Xi Jinping, during their two in-person meetings earlier that year, had set the objective of further strengthening investment cooperation.

He added that the Commission’s task is to implement the agreements reached at the highest level.

“China is our key partner in trade and investment. Since the beginning of 2023, bilateral trade has increased by one-third,” the First Deputy Prime Minister said.

The share of settlements in national currencies between Russia and China continues to grow. The yuan and ruble already account for 95% of all trade transactions.

The scope of Russia-China investment cooperation is also expanding. New joint investment projects are being launched in priority sectors, including automotive manufacturing, mining, gas chemicals, agriculture, logistics, information technology and other industries.

“Following the withdrawal of a number of Western companies from the Russian market, new opportunities are opening up for Chinese partners to participate in major Russian oil and gas, petrochemical and automotive enterprises, as well as companies producing consumer goods, glass and construction materials,” Andrey Belousov added.

He emphasized the importance of translating the proposals discussed at the Commission meeting into practical projects.

During his visit to Beijing, the First Deputy Prime Minister also met with executives of Chinese companies participating in the Russia-China Business Advisory Committee, which operates under the auspices of the Intergovernmental Commission.

The Russian delegation included representatives of the Ministry of Industry and Trade, VEB.RF and the Russian Direct Investment Fund, Governor of the Irkutsk Region Igor Kobzev, Governor of Primorsky Krai Oleg Kozhemyako, as well as executives of companies and business associations.

Vladimir Ilyichev, Head of the Secretariat of the Russian side of the Commission and Deputy Minister of Economic Development, reviewed the work of the Commission’s secretariats and outlined further areas of cooperation.

In particular, new joint projects had been selected, several of which had already been approved for implementation.

He noted that the updated Russia-China Investment Cooperation Plan was undergoing final coordination and was expected to be approved in 2024.

To ensure more effective monitoring of project implementation and provide timely support, the Deputy Minister of Economic Development proposed introducing joint on-site inspections by the Commission’s secretariats to assess project implementation and discuss necessary support measures.

“This could become a new and effective mechanism for supporting projects,” Vladimir Ilyichev said.

Original article: http://government.ru/news/50157/