Economic cooperation between Russia and China will continue to strengthen, reaching new heights in the near future, President Vladimir Putin said on Thursday at the Shanghai Cooperation Organisation (SCO) summit while meeting with China's leader, Xi Jinping, RT reported.
"Multifaceted ties between our countries are actively developing. Last year, the trade turnover increased by 35 per cent and exceeded $140 billion," Putin said, adding that in the first seven months of this year, the volume of mutual trade grew by another 25 per cent.
"I am convinced that by the end of the year, we will reach new record levels, and in the near future, as agreed, we will increase the annual trade turnover to $200 billion or more," he added, RT reported.
Last month, Beijing's ambassador to Moscow expressed hope that Russia-China trade could reach the targeted milestone of $200 billion this year.
He pointed out that economic cooperation between the two nations shows excellent results and sustainable development, despite the challenges associated with the Covid-19 pandemic, the global economic downturn, and difficult international and regional situations.
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Vladimir Putin has thanked President Xi Jinping for China's "balanced position" on Ukraine, in their first face-to-face talks since Russia invaded the country, BBC reported.
The Russian leader met his counterpart at a summit in Samarkand, Uzbekistan, where he condemned "attempts to create a unipolar world".
Xi said China was willing to work together with Russia as "great powers", BBC reported.
China hasn't endorsed Russia's invasion but has steadily grown trade and other ties with Moscow since it was launched.
President Putin unveils details of new gas pipeline to China
Gazprom is finalising construction details of the Soyuz Vostok gas pipeline project with its Chinese and Mongolian partners, Russian President Vladimir Putin said at the Shanghai Cooperation Organisation summit, RT reported.
He held talks there with Chinese Premier Xi Jinping and Mongolian President Ukhnaagiin Khurelsukh on Thursday.
According to the Russian President, Moscow is ready to develop cooperation with Beijing and Ulaanbaatar in the energy sector, including the possibility of increasing cross-border electricity supplies to the two countries, RT reported.
"For this year, we predict 20 per cent growth of energy transfers from Russia to your countries, dear friends, of up to 5.2 billion kilowatt," Putin said.
Designed to carry natural gas to China through Mongolia, the Soyuz Vostok pipeline is part of the larger 'Power of Siberia 2' pipeline. It will be able to bring up to 50 billion cubic metre of gas to China annually, according to Gazprom.
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Jinping wants to work with Moscow to take on the responsibilities of "great powers," he told his Russian counterpart on Thursday at the Shanghai Cooperation Organisation summit in Samarkand, RT reported.
"China is willing to make efforts with Russia to assume the role of great powers, and play a guiding role to inject stability and positive energy into a world rocked by social turmoil," Xi told Putin during a leaders' summit at the SCO.
Putin likewise praised the "multifaceted ties" the two countries have forged, in particular their trade relationship. Highlighting the exchange of $140 billion in trade with Beijing last year, he noted that the volume had increased 25 per cent in the first half of 2022 and said he hoped the figure could reach $200 billion by the end of the year
