Trade rows push China, Russia closer

By Chen Qingqing in Vladivostok Source:Global Times Published: 2018/9/10 23:18:39

Farms in Russian Far East could replace US soybean crop

China and Russia are expected to enhance their economic ties in the Russian Far East amid the ongoing #US-China trade frictions, with help from the Russian federal government's ambitious plan to attract more Chinese investment, especially in #agriculture and #manufacturing.

The Russian government has rolled out new industrial policies in recent years for its Far Eastern region including the establishment of Advanced Special Economic Zones (ASEZ), a free trade port and a special administrative zone, where investors enjoy favorable policies such as low taxes and land rental fees.

Under the plan, local authorities have accelerated the construction of an industrial park in #Vladivostok, with the aim of attracting more foreign investment from #China, #Japan and #South #Korea. Three Chinese companies have acquired dozens of parcels land in the Vladivostok industrial park, where they intend to run logistics and seafood production businesses.

Bilateral trade between China and #Russia maintained double-digit growth in 2018, and is expected to reach $100 billion by the end of this year, according to the Chinese Ministry of Commerce website.

"Russia's abundant natural resources have been luring foreign investors into sectors such as lumber production, agriculture and fisheries, and Russia's economic policy for the Far Eastern region has provided a new impetus," Chen Gang, CEO of STO Express' Russia subsidiary, told the Global Times on Sunday.

Chinese President #Xi #Jinping will attend the fourth Eastern Economic Forum from Tuesday to Wednesday in Vladivostok at the invitation of Russian President Vladimir #Putin, Xinhua reported on Friday.

"This is another major diplomatic activity in #Sino-Russian relations this year. It is China's strong support for the #development of Russia and the Russian Far East. It will further enhance Sino-Russian bilateral relations, strengthen #international and regional strategic cooperation between the two countries," Yan Wenbin, Chinese Consul General in Vladivostok, said in an interview with Russian media on Friday.

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