Russian Prime Minister Mikhail Mishustin has announced that by 2023, Moscow and Beijing will increase their bilateral trade to $200 billion and expand payments in national currencies. Mishustin noted that in 2021, only 25% of settlements between the two countries were made in national currencies, but last year this figure increased to almost two-thirds. The goal is to reduce dependence on the dollar and other Western currencies, thus strengthening economic sovereignty.
The prime minister also mentioned the importance of expanding air connections and developing transport routes between Russia and China, especially in the new geopolitical environment. He stressed that freight and passenger traffic between the two countries has improved significantly in the first months of the year. He also highlighted the potential for cooperation in the IT sphere, with ongoing projects focused on digital solutions, open source software, mobile operating systems, data centers, and information security.
Mishustin stressed that Russia will continue to strengthen ties with friendly states, including China, noting that it is one of the six key tasks set by President Vladimir Putin for this year. He also highlighted Russia’s economic achievements, such as the low level of inflation, which in May was the lowest of all European nations, and the historically low unemployment rate of 3.5%. The Prime Minister stated that Russia has withstood the pressure of sanctions and has achieved progressive development, reaching records in grain harvest and surpassing even the achievements of the Soviet Union.
In short, Russia’s goal is to strengthen economic cooperation with China, increase trade in national currencies, and reduce dependence on the dollar and other Western currencies. It also seeks to improve connectivity and IT cooperation between the two countries. In addition, the Prime Minister highlighted Russia’s economic achievements, such as low inflation and resistance to sanctions.