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| While assisting the Minister in guiding the overall work of MOFCOM, Mr.Yu's portfolio also covers the Department of General Economic Affairs, Department of European Affairs, Department of Foreign Affairs, MOFCOM Party Committee, Department of Retired Cadres’ Affairs, China Foreign Trade Center and China-Europe Association
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| Vice Minister of Commerce Mr. Yu Guangzhou on Sino-Russian Economic and Trade Relations |
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In the morning of March 1, Vice Minister of Commerce of PRC, Mr. Yu Guangzhou accepted an exclusive interview from Russia’s Tass Agency in Moscow during his recent business trip to Russia.
Mr. Yu Guangzhou expressed opinions on some important issues, such as furthering development of Sino-Russian economic and trade relations, increasing two-way investment and strengthening cooperation on energy resources.
Tass Journalist: How would you evaluate the current situation of Sino-Russian economic and trade relations? From your point of view, what are the main issues in this field?
Mr. Yu Guangzhou: Sino-Russian economic and trade relations have been continuing to develop in a most favorably trend. In 2006, Sino-Russian bilateral trade volume reached an all-time high with $33.4 billion, a 14.7% increase over the previous year, and two-way investment between China and Russia continued to expand in an active way. In 2006, China’s direct investment to Russia totaled US $470 million, up by 131.5% year on year. By the end of 2006, China had invested in over 736 projects in Russia, amounting to US $935 million, ranging from energy and mineral resources, forestry industry to trade, telecommunication, service industry. A series of large-scale cooperation projects were launched in succession and border economic and trade cooperations were booming day by day, which totaled $7 billion, a 25% increase over the previous year, and accounted for over 20% of Sino-Russian trade volume in the year 2006.
Major problems in Sino-Russian economic and trade cooperation are as follows: bilateral trade structure, small-scale of two-way investment, un-regulated bilateral trade system and an inadequate larger scale cooperation project. Today, both China and Russia are striving hard to take positive measures to solve problems mentioned above, and I am confident that with joint efforts of both governments and enterprises, Sino-Russian economic and trade cooperation will definitely achieve a long-term steady and healthy development, and goals proposed by leaders from both countries predicting that bilateral trade volume would amount to 60-80 billion USD by 2010, and China’s investment in Russia would reach 12 billion USD by 2020 will come true eventually and successfully.
　
Tass Journalist: Growth rate of Sino-Russian trade declined over the previous year, what measures will your government take to revert it this year?
Mr. Yu Guangzhou: Sino-Russian trade has made an 8 straight years of double-digit growth since 1999, and bilateral trade volume also increased by 5 times, which realized an all-time high of 10 billion USD trade volume three years in a row. In 2006, despite the fluctuation of supply and demand between the two countries as well as adjustments to some related policies which resulted in a decline of the bilateral trade growth rate , Sino-Russian trade still maintained a double-digit increase of 14.7%.
　　
In my opinion, the current bilateral trade fluctuation is quite normal and it should be considered in an objective and rational way. Presently, both countries’ economies are developing at high rate while demands are rising day by day. I sincerely hope that enterprises from both countries enhance communication and enthusiastically seek more opportunities for trade investment, which will in turn boost Sino-Russian economic and trade cooperation and accelerate the realization of the goals proposed by leaders from both countries.
Tass Journalist: MOFCOM predicts that China’s demands for petroleum will rely mostly on imports (over 50%). If this is the case, we would like to know if China has a plan to increase petroleum imports from Russia, and if so, to what scale?
Mr. Yu Guangzhou: China is a large energy importer and consumer while Russia is blessed with abundant energy resources, and at the same time, a major exporter of petroleum and gas. Sino-Russian crude oil trade is on the rise. According to statistics released by China Customs, in 2006, China imported 15.97 million tons of crude oil from Russia, a 25% increase year on year, which accounted for about 11% of China’s total crude oil import volume.
Tass Journalist: would you please comment on Sino-Russian border trade?
Mr. Yu Guangzhou: The Sino-Russian border issues have been resolved completely. The former 4300 kilometers of borderline now has become a tie of peace, friendship and cooperation between the two countries. With a continuous and rapid development of Sino-Russian economic and trade relations, bilateral border cooperation in economy and trade have also borne great fruits.
　
Tass Journalist: China’s National Expo will be held in Moscow at the end of March this year, would you please detail for us the significance of the China’s National Expo to Sino-Russian economic and trade cooperation?
Mr. Yu Guangzhou: China’s National Expo to be held in Moscow this year is of great significance in boosting Sino-Russian economic and trade cooperation. It well demonstrates China’s new image of reform and opening up, as well as steady and prosperous development, which will enhance mutual understanding and friendship between people of the two countries, and will boost two-way investment and up-grade bilateral trade and cooperation.
In a word, China’s National Expo will always accord with the principle of “win-win cooperation and harmonious developmentâ€, and will facilitate China’s outstanding enterprises and products to enter Russian market and provide a broad platform and abundant opportunities for enterprises from both countries to strengthen economic and trade relations as well as expand a full-scale cooperation.
(Source: English Site of Mr. Yu Guangzhoui)
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