| Vice Minister Yu Guangzhou Giving Remarks on the Special Edition for China-Russia Business Summit Forum |
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On the occasion of the opening of China-Russia Business Summit Forum, I would like to extend, on behalf of the Ministry of Commerce of China, my warm welcome and sincere greetings to all the friends from the economic and business circles of China and Russia.
China and Russia are close neighbors sharing a time-honored friendship. With the nurturing and encouragement of the two countries’ leaders in the past decade, the two sides have been able to set up a cooperation mechanism centered with the China-Russia Vice-Premier-Level Regular Meeting, which serves as an important basis and internal driving force for the prosperous development of bilateral relationship. Over the past seven years from 1999 to 2005, the size of bilateral economic and trade cooperation has been increasingly expanded and the level enhanced. The bilateral trade volume grew from US$5.7 billion to nearly US$30 billion, representing an annual increase of over 30%. At present, Russia is the eighth largest trading partner of China while China is the fourth largest trading partner of Russia. Bilateral investment and trade cooperation has been expanded from communication, home appliances, resource development and infrastructure construction to service industry. A great number of large cooperation projects have successively started.
Witnessing a rapid economic growth in recent years, both China and Russia set the goal of doubling the GDP by 2010. Encouraging economic development, complementary industrial structures, increasingly improved trade and investment environment as well as more and more liberalized huge markets of the two countries are creating rare opportunities and vast space for the two business communities to conduct mutually beneficial cooperation. I am confident that the goal set by the two countries’ leaders that bilateral trade reaches 60 to 80 billion US dollars by 2010 and China’s investment in Russia rises to 12 billion US dollars in 2020 can surely be reached.
It is a great event in the history of bilateral relationship for the two countries to hold China Year and Russia Year activities in each other’s countries. The presence of President Hu Jintao and President Vladimir Putin to the China-Russia Business Summit Forum fully demonstrates the great attention paid by the leadership of the two countries to the development of economic and trade cooperation. I am convinced that this Forum will be a new platform and bridge connecting the two business, deepening their mutual understanding and trust, and promoting bilateral cooperation, adding new vitalities to bilateral economic and trade cooperation.
I wish China-Russia Business Summit Forum a complete success!
Vice Minister of Commerce of the People’s Republic of China
Yu Guangzhou
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