Russia and China expand economic cooperation in the Far East
One of the key points of the MoU is the implementation of joint investment projects in construction of railways and ports
RF Ministry for the Development of the Russian Far East and Arctic and the Ministry of Commerce of China have agreed to expand their cooperation under industrial and infrastructure projects with preferential regimes in the Far East. A relevant MoU was signed during the official visit of the President of the People’s Republic of China Xi Jinping to Russia, says the Ministry.
The key goals of the countries are to intensify the production cooperation and to deepen infrastructure interaction which are essential for the development of the Far East of Russia and the North-East of China. One of the key points of the MoU is the implementation of joint investment projects in construction and modernization of railways, roads, ports and auxiliary infrastructure.
According to the Russian Far East and Arctic Development Corporation, the Chinese investors hold leadership in the scope of financing of projects being implemented in Vladivostok PDA and Free Port of Vladivostok. Out of 87 projects involving foreign capital, Chinese investors take part in 52 projects (industry, mining, agriculture, construction, transport and logistics) with the total scope of investments making USD 10.8 billion.
Special attention is paid by Russia and China to digital digitalization and creation of a new information environment between the regions of the regions of Russia’s Far East and China’s North East.
Strategic planning for improving the cross-border infrastructure base will be based on the forecasts for the development of Russian-Chinese trade and economic relations. Russia is implementing the National Programme for the Social and Economic Development of the Far East for the period until 2024 and for the future period up to 2035 while China is implementing the fourteenth five-year plan for the economic and social development of the People's Republic of China (for 2021-2025) and long-term goals until 2035.
