China-Russia cooperation moves forward steadily

To deal with the recent fluctuations in Ruble exchange rate, the Russian government has taken a series of measures to stabilize the exchange market. Analysts are not optimistic about the future of the Russian economy. They are therefore turning their eyes towards China, the comprehensive strategic partner of Russia, and wondering what the future holds for the China-Russia relationship?

Russian president Vladimir Putin spoke highly of the China-Russia relationship, and what the cooperation between the two countries has acheived, at a news conference held on Dec 18. The path of China-Russia cooperation will not be undermined by the international situation. The equal and mutually beneficial cooperation between the two countries is even more important under the current situation. The China-Russia relationship will continue to move forward steadily.

After more than 20 years of development, the China-Russia relationship has solid political, economic and social foundations. Chinese president Xi Jinping chose Russia as the destination of his first state visit two years in a row. In 2014, Xi and Putin met 5 times, showing the particularity of China-Russia relationship. The top-level approach by leaders of the two sides has played an important role in the bilateral relationship.

The economic cooperation between the two countries has been very fruitful this year. Their bilateral trade value is nearly 100 billion USD. China has been Russia's biggest trade partner for four years in a row. From January to August this year, China's direct investment in Russia increased 73 percent.

Currently, although Russia faces difficulties, the fundamentals of our bilateral cooperation have not changed. The large depreciation of Ruble may have a negative impact on China's exports to Russia and on big strategic cooperation projects between the two countries, but overall the economic cooperation between the two countries will not be affected.

The crisis faced by Russia could also be an opportunity to realize an economic restructuring. As Putin said at the news conference on Dec 18, economic cooperation between Russia and China aims at improving the trade structure of the two countries and realizing a more diversified cooperation.

In this sense, as long as the two sides can take reasonable and innovative measures, the pragmatic cooperation between China and Russia has every prospect of a promising future.

The article is edited and translated from《中俄合作依然穩健前行》, source: People's Daily.