Both China and Russia have benefited from the rapid development of bilateral trade that represents mutual cooperation on an equal footing, the Chinese ambassador to Moscow said on Monday.

 

The acceleration of China-Russia trade in recent years reflects the need for and the reality of the economic expansion of both countries, Chinese Ambassador Liu Guchang told a press conference marking "Year of China" in Russia.

 

The economic and trade cooperation between the two countries enjoys broad prospects with huge potential to be tapped, he told reporters.

 

Both countries are at a stage of rapid development, with demand for the expansion of bilateral trade and economic ties to further promote domestic production, Liu said.

 

China and Russia are highly complementary due to their differences in economic structure and business potential, he said.

 

Both sides have accumulated years of experience in economic and trade cooperation, and are seeing more and more opportunities, he added.

 

The expansion of trade and economic ties between China and Russia is a matter of course since it contributes to foundations for their strategic partnership, Liu said.

 

The Chinese ambassador also dismissed the allegation that bilateral trade and economic ties were developing at the cost of Russia.

 

He said Russia maintained a favorable balance of trade with China between 1992 and 2005, with the surplus totaling US$50 billion.

 

Official statistics released by Russia showed that its surplus with China is still on the rise with a favorable balance averaged at US$4 billion to US$5 billion each year between 2000 and 2005, said the Chinese ambassador.

 

China is taking a variety of measures to encourage domestic firms to import Russian machinery and other commodities as part of its efforts to keep cooperation on track, he said.

 

If there were problems between the two sides, they could be solved through the development of trade rather than by steps to curb it, he concluded.

 

(Xinhua News Agency February 27, 2007)