Russia Accelerates Asia Pivot

amoy

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Russia-China ties at highest level in history– Putin http://rt.com/news/159804-putin-china-visit-interview/

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Q: Cooperation between China and Russia has been steadily increasing, but uncertainties in global economy persist. The emerging markets are faced with new challenges and slowdown of economic growth. How can our two countries help each other to counter these challenges? How can we ensure steady increase of mutual trade and reciprocal investments?

VP: In the context of turbulent global economy, the strengthening of mutually beneficial trade and economic ties, as well as the increase of investment flows between Russia and China are of paramount importance. This is not just a crucial element of socioeconomic development of our countries, but a contribution to the efforts aimed at stabilising the entire global market.

Today, Russia firmly places China at the top of its foreign trade partners.

In 2013, the volume of bilateral trade was close to $90 billion, which is far from being the limit. We will try to increase trade turnover to $100 billion by 2015 and up to $200 billion by 2020.



Our countries successfully cooperate in the energy sector. We steadily move towards the establishment of a strategic energy alliance. A large"‘scale project worth over $60 billion is underway to supply China with crude oil via the Skovorodino-Mohe pipeline.

The arrangements on export of Russian natural gas to China have been nearly finalised. Their implementation will help Russia to diversify pipeline routes for natural gas supply, and our Chinese partners to alleviate the concerns related to energy deficit and environmental security through the use of "clean" fuel.

At the same time, we are working actively to reduce dependence of bilateral trade on external market conditions. Therefore, in order to develop trade and economic cooperation we pay particular attention to the breakthrough areas such as higher energy efficiency, environmental protection, production of drugs and medical equipment, developing new information technologies, as well as nuclear energy and outer space.

We will implement a list of joint projects in 40 priority areas with total investments of about $20 billion.

These areas include civil aircraft industry. An agreement has been reached on joint design of a wide-body long-range aircraft. In the future we will develop a heavy helicopter. I am sure that our companies can manufacture and supply competitive products to the world markets.

We also intend to actively develop investment cooperation, the scope of which obviously does not meet real capacities and needs of our countries yet. We have examples of successful projects. I would like to note the participation of Chinese capital in the reconstruction of an airport in the Kaluga Region and building of plants for production of automotive parts and construction materials in that Russian constituent entity.

To our mind, there are many other promising areas for investments. We can point to different branches of machine engineering, processing of agricultural products, mining operations, and development of transport and energy infrastructure.

We must also strengthen financial cooperation and protect ourselves from exchange-rate fluctuations among the world's major currencies. Therefore, we are now considering how to increase mutual settlements in national currencies.

Q: Russia has recently announced the creation of a special economic zone in Vladivostok. What could, in your view, be the role of China in its creation and in the development of the Russian Far East as a whole?

VP: Accelerated socioeconomic development of Siberia and the Far East is one of Russia's key national priorities for the 21st century. We are now implementing a whole package of programmes to modernise and upgrade transport, energy and social infrastructure in these regions.

We are aiming at the creation of special areas of advanced economic development with an investment-friendly environment.

Competitive conditions for launching export-oriented enterprises in non-primary sectors have been created.

In the areas of advanced development, new companies will enjoy some substantial benefits. These are tax holidays with respect to a number of taxes and reduced insurance premium rates; liberalisation of the customs regime, including free customs zones; special rules for access to land and for connecting to infrastructure facilities.

Today, the relevant federal law is being finalised. Development institutions are being created and promising centres are being selected. One of them will probably be established in Vladivostok on Russky Island where the APEC 2012 Summit took place.

Obviously, we are interested in Chinese businessmen making use of these opportunities and becoming one of the leaders here, since both Russia and China will benefit from an accelerated development of the Russian Far East.

It is important not to limit our relations to trade. It is essential to establish strong technological and industrial alliances; attract investments to the infrastructure and energy sectors; to jointly promote scientific research and humanitarian contacts; lay a solid foundation for a sustainable long-term development of our trade and economic relations. And the Russian Far East can and must become a natural venue for the said efforts.

Q: In 2015, our countries will celebrate the 70th anniversary of Victory over fascism. What is the impact of joint Russian-Chinese efforts to oppose the attempts aimed at challenging the results of World War II?

VP: It is true that the attempts to rewrite and distort history are becoming more frequent.

Four years ago Russia and China adopted a Joint Statement on the 65th Anniversary of Victory in the Second World War.

We share an idea that it is unacceptable to revise the results of the war, as the consequences will be extremely grave.

It is clearly evident from the tragic events currently unfolding in Ukraine, where violent neo-Nazis are waging a real campaign of terror against civilians.

I would like to express my gratitude to our Chinese friends for cherishing the memory of thousands of our compatriots, who sacrificed their lives to liberate Northeast China from invaders.

Next year we will hold a range of joint events to mark the 70th anniversary of Victory both in the bilateral and the SCO format. During these events, youth will be in the focus of our work.

We will certainly continue to oppose attempts to falsify history, heroize fascists and their accomplices, blacken the memory and reputation of heroic liberators.
 
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amoy

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http://rt.com/news/159912-russia-china-naval-drills/


Russian anti-surface destroyer Bystry arrives at a port ahead of the "Joint Sea-2014" naval drill, in Shanghai, May 18, 2014.(Reuters / China Daily)

A squadron of Russia's Navy Pacific Fleet has arrived in Shanghai to participate in joint Russian-Chinese naval training dubbed 'Joint Sea-2014'. The drills in the northern part of the East China Sea start on Tuesday and will go on until May 26.

The Russian squadron consists of six battleships and support vessels: the flagship of the Pacific Fleet, missile cruiser Varyag, anti-submarine destroyer Admiral Panteleyev, large landing ship Admiral Nevelskoy, anti-surface destroyer Bystry, tanker Ilim and ocean tug Kalar.

The Chinese Navy will be represented in the naval drills with six battleships.

All in all, during the active phase of the drills set for May 22-25, the maneuvers involve 14 ships, two submarines, nine warplanes, six shipboard helicopters and two operational detachments of marines from both sides.

All ships taking part in the training exercise are moored at the Usun naval military base in Shanghai.

A delegation of Russian Navy officers has already joined their Chinese colleagues to compare notes on the plan of the drills.

Chinese Vice Admiral Tian Zhong revealed to journalists that the major difference of the starting drills will be the increased difficulty of joint operations of battleships on both sides.


Russian anti-submarine destroyer Admiral Panteleyev (R) arrives at a port ahead of the "Joint Sea-2014" naval drill, in Shanghai, May 18, 2014.(Reuters / China Daily)

For the first time, Russian and Chinese sailors will operate within a mixed group of battleship from the two counties, holding joint missile and artillery strikes against sea targets at different ranges and performing anti-submarine activities.

"Accumulated experience of interaction will allow us to increase the possibility of conducting joint actions of the two fleets to perform a wide range of tasks," the top brass Chinese naval officer said.


Tian Zhong (R), deputy commander of the Chinese Navy and Alexander Fedotenkov, deputy commander-in-chief of Russian Navy, attend a news conference as directors of the upcoming "Joint Sea-2014" naval drill, at a port in Shanghai, May 18, 2014.(Reuters / China Daily)

The crews of the Russian and Chinese warships made courtesy visits on board each other's battleships to learn more about military hardware and service conditions.

Chinese officers will be given a formal reception on the Russian flagship, the Varyag, on Monday evening.

Russian sailors not taking part in preparations have been taken ashore for excursions organized by their Chinese hosts.


Russian sailors (L) salute to Chinese sailors as they visit Russian guided missile cruiser Varyag ahead of the "Joint Sea-2014" naval drill, at a port in Shanghai, May 19, 2014.(Reuters / China Daily)
 

amoy

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China Signs Non-Dollar Settlement Deal With Russia's Largest Bank | Zero Hedge
Submitted by Tyler Durden on 05/20/2014 08:50 -0400



Slowly - but surely - the USD's hegemony is being chipped away whether by foreign policy faux pas, crossed red-lines, or economic fragility. However, on Day 1 of Vladimir Putin's trip to China it is clear that the two nations are as close as ever. VTB - among Russia's largest banks - has signed a deal with Bank of China to pay each other in domestic currencies, bypassing the need for US Dollars for "investment banking, inter-bank lending, trade finance and capital-markets transactions." Kirill Dmitriyev the head of Russia's Direct Investment Fund notes, "together it'll be possible to discuss investment in various projects much more efficiently and clearly," as Russia's pivot to Asia continues to gather steam.

As RT reports, Day 1 for Putin is going well...

VTB, Russia's second biggest lender, has signed a deal with Bank of China, which includes an agreement to pay each other in domestic currencies.

"Under the agreement, the banks plan to develop their partnership in a number of areas, including cooperation on ruble and renminbi settlements, investment banking, inter-bank lending, trade finance and capital-markets transactions," says the official VTB statement.

The deal underlines VTB Group's growing interest in Asian markets and will help grow trade between Russia and China that are already close trading partners, said VTB Bank Management Board Vasily Titov.
But it's not just the banking relationships...

In the first day of a two-day trip to China Russia's President Vladimir Putin said the two countries will be increasing their bilateral trade to reach a new level.

"Our countries have done a huge job to reach a new historic landmark"¦. China has firmly settled in a position of our key trade partner," Putin said.

Putin also said that trade turnover between Russia and China grew almost 2 percent during 2013 to reach about $90 billion.

"If we sustain this pace the level of bilateral trade of $100 billion will be reached by 2015 and we'll confidently move on," Putin said.

Increasing investment cooperation is crucial, Putin added.

...

"Together it'll be possible to discuss investment in various projects much more efficiently and clearly," as Interfax quotes Kirill Dmitriyev the head of Russia's Direct Investment Fund.
Nothing lasts forever... remember...

 

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China and Russia Fail to Reach Agreement on Gas Plan

BEIJING — President Xi Jinping of China and the Russian leader, Vladimir V. Putin, were unable to announce an agreement on a natural gas deal on Tuesday, despite high expectations that mutual political interests would help finally push through the project.

Instead, commercial concerns continued to dominate — specifically, the price of the gas, which China and Russia have been haggling over for nearly a decade. After the meeting between the two leaders, Mr. Putin's spokesman, Dmitri S. Peskov, said that talks were continuing.
 

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China knows that Russia is in a precarious economic situation and needs gas buyers to sustain its economy, especially with EU contemplating of rebalancing. So it is driving a hard bargain against Russia and I assume Russia will have no choice but to agree. Russian economic weakness is for everybody to see in this negotiation except those who refuse to see it.
 

amoy

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More complicated than merely price setting , the deal also involves

Russia Offers to Scrap Tax on Gas Exports to China, Says Rosneft Chief | News | The Moscow Times
Russia has offered to scrap extraction taxes for gas supplies designated for China, while Beijing is also looking to abolish import taxes for Russian gas, Russia's top oil producer Rosneft said Tuesday.

"We are talking about deposits that will be a source for gas supplies to China market. This is a very smart and valuable proposal that can become a basis for compromise," Rosneft CEO Igor Sechin told reporters.
Heads of Russia's Rosneft, China's CNPC discuss joint projects | Oil&Gas Eurasia
They compared notes on issues of mutual concern, and made plans for pushing forward the Tianjin JV refinery project.
 

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China, Russia ink long-awaited gas deal | Shanghai Daily
Source: Xinhua | May 21, 2014, Wednesday

CHINA and Russia today inked the long-awaited gas deal in Shanghai, ending the decade-long natural gas supply talks between the two neighbors.

The deal came one day after visiting Russian President Vladimir Putin said that "significant progress" had been made over the price in the lengthy talks.

Two documents, China and Russia Purchase and Sales Contract on East Route Gas Project and a memorandum, were signed at a ceremony attended by Chinese President Xi Jinping and Russian President Vladimir Putin.

Over the past years, talks, which started in 2004, have stalled over price.

The gas supply deal was signed on the sidelines of the fourth Summit of the Conference on Interaction and Confidence Building Measures in Asia, a regional security summit which Putin and Xi are attending.

China and Russia have vowed to strengthen cooperation in energy and infrastructure in Russia. According to a joint statement signed by the two leaders after their talks yesterday, the two countries will "establish a comprehensive energy cooperation partnership."

Zhou Jiping, Chairman of China National Petroleum Corporation and Wu Xinxiong, head of China's National Energy Administration and also deputy head of the National Development and Reform Commission, China's top economic watchdog, signed the deal on the Chinese behalf.


 

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http://english.caixin.com/2014-05-20/100679858.html

Russia used to export most of its natural gas to Europe, but now it must pivot to Northeast Asia, where China is the biggest and most eager buyer. Since 2006, Russia has repeatedly shut down gas pipelines to Ukraine during the New Year's holidays. Europeans did not take this well. In the next eight years, Europe managed to reduce levels of natural gas passing through Ukraine from 80 percent to 50 percent. Ukraine has also improved its ability to store natural gas and has built a mechanism to buy gas back from Europe in case of any sudden move on Russia's part.

There are other factors at play in Europe's reduction of imports from Russia. The United States has used the shale gas revolution to become the world's biggest producer of natural gas. Iraq is producing more oil, and sanctions on Iran are slowly getting lifted. North America is enhancing development of non-conventional energy, and China is accelerating exploration of shale gas and tight gas. These trends are changing the global supply structure for oil and natural gas, making it more flexible. The development of liquefied natural gas is advancing, further reducing Russia's advantage in energy reserves.

Energy collaboration between Russia and China makes a lot of sense. China is a huge energy consumer and has the biggest foreign exchange reserve in the world. Russia is a big energy exporter and is in urgent need of funding for its underdeveloped but resource-rich east. The two are neighbors and are highly complementary in terms of resources. This is not only a consensus among scholars from Russia and China, but also among many Western experts. Thane Gustafson, an American expert on Russia and researcher at the Brookings Institution, wrote in his latest book that Russia and China are natural partners and their relationship is improving. "But their complementation in energy needs to stand the test of time," he wrote.
Last year China imported a record 2.45 trillion tons of crude oil from Russia. But that is still less than the 6 trillion tons it gets from Saudi Arabia and the 3 trillion tons from Iran, a country under severe economic sanctions.

Russia proposed building a crude oil pipeline to China as early as 1994. Sixteen years were required for research, negotiations, construction and production. The breakthrough was "loan for oil" model achieved in 2009. The deal saw China Development Bank extend loans of US$ 15 billion and US$ 10 billion to two state-owned oil companies in Russia in exchange for 15 million tons of crude oil over the next 20 years. The pipelines were finished two years after the contract was signed.

A main reason for the breakthrough was that Russia was suffering from slower economic growth and lower oil and gas prices due to the 2008 financial crisis. Several large oil companies asked Putin for government help repaying loans to Western banks. Some oil companies were so deeply in debt they were in danger of affecting the country's income from oil. That was why the "loan for oil" model succeeded.

A lesser-known fact is that after the pipelines began carrying crude oil, Russia never sent 15 million tons of crude oil that were supposed to get to China by train. It seems that China and Russia only complement each other when Russia is in need.
Take oil as an example. It took China more than 20 years to get merely 8 percent of its total oil imports from the northern neighbor who claims to be highly complementary to China. Even though oil and gas exports account for nearly 70 percent of the Russian government's revenue, it has not done any favors to its highly complementary partner. China was forced to look for partners elsewhere.
 
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RUSSIA ANNOUNCES SWITCH FROM DOLLAR PAYMENTS FOR ITS OIL

Many clients of Gazprom Neft, the oil arm of Russian state gas company Gazprom, are ready to switch their payments from U.S. dollars to euros and yuan, CEO Alexander Dyukov said today.

Any switch away from the use of U.S. dollars as a global reserve currency could lead to massive shockwaves in the American economy.

Mr Dyukov added there could be problems borrowing abroad because of western sanctions imposed on Russia after it annexed Crimea from Ukraine in March but said that Gazprom Neft had fulfilled its borrowing plan for 2014.

The announcment came as a businessman facing EU and U.S. sanctions was appointed Russia's business envoy to China. Gennady Timchenko said he expects a flurry of deals in a shift away from the West.

He said: 'You know what Putin said? He introduced me (to Chinese businessmen) by saying now Mr Timchenko is the head of our business council.

'In other words - it is my words here - he is our main man for China. From the point of view of business relations. That was yesterday.'
Source: Pro-Russian militants storm checkpoint and kill 14 soldiers in deadliest clash yet | Mail Online
 

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China-Russia rating firm eyed | Shanghai Daily

CHINA and Russia have reached an agreement to create a joint credit rating agency and are working on a series of measures to make trade easier, Russia's finance minister said yesterday, a sign of growing ties between the neighbors.

Speaking during a trip to China, Anton Siluanov said that the new rating agency would be modeled on existing rating agencies.

"We would like (the agency's) ratings to be apolitical," Siluanov said.

"In its first phase, the agency will evaluate Russian-Chinese investment projects with the goal to attract a series of Asian countries, and gradually, based on progress and reputation, we believe that it could reach a level when its opinions will attract other countries," he said.

The plan to create an agency in conjunction with China comes at time when Russia has been dissatisfied with the three Western agencies — Standard & Poor's, Moody's and Fitch that dominate the ratings market.

S&P cut Russia's sovereign rating to a notch above junk in late April, weeks after Moscow annexed Ukraine's Crimea peninsula. Russian officials criticized the "politically motivated" downgrade — a claim that S&P denied.

The plan for a new agency together with China appears aimed at gradually building a credible alternative to the big-three agencies, which came under fire for failing to anticipate the financial crisis that began in 2007.

Beijing-based rating firm Dagong said last year that it hoped to cash in on that criticism and take 5-10 percent of the European ratings market by 2017.

Siluanov also said his talks with Chinese officials included the possibility of preferential taxes for Chinese companies investing in Russia, currency swaps and trade settlement in national currencies.
 

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Pressure that motivates Asia Pivot >>> HazardEx - EU demands Bulgaria suspend work on South Stream gas pipeline

The Commission says South Stream does not comply with its rules that prohibit gas suppliers from also controlling pipeline access, and it put the approval process on hold following Russia's annexation of Crimea in March. It also says there may have been antitrust violations in the tendering process for the pipeline laying contract.

South Stream is designed to carry Russian gas to the EU bypassing Ukraine. Gas will be pumped to the Bulgaria's Black Sea port of Varna before extending overland through Serbia, Hungary, and Slovenia to supply gas to the Western Europe via Italy and Austria. The pipeline's capacity will be 63 billion cubic metres a year.
 
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BBC News - Russia and China launch gas pipeline

Russia and China have begun the construction of a new gas pipeline linking the countries, with a ceremony in the Siberian city of Yakutsk.

China's CNPC has agreed to buy $400bn (£240bn) of gas from Russia's Gazprom.

Russia will ship 38 billion cubic metres (bcm) of gas annually over a period of 30 years.
Over the past 10 years, China has used other gas suppliers. Turkmenistan is now China's largest foreign gas supplier. Last year, it started importing piped natural gas from Myanmar.

China is Russia's largest single trading partner, with bilateral trade flows of $90bn (£53bn) in 2013.

The two neighbours aim to double the volume to $200bn in 10 years.
 

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China is India's number 1 trading partner in year 2012 and bilateral trade growing fast. Currently ,it stand at 70-80 billion dollars a year. India-Russia trade id 12 billion dollars a year. India japan trade is also 12 billion dollars a year. With more friendly exchanges and coming state visit od Prezident Xi
to India will further strengthen and increase trade to over 100 billion a year by 2015-16.
 

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Kremlin green light for Chinese investment in huge Vankor oil field

Overall, we take a cautious approach to letting in our foreign partners, but we of course set no restrictions for our Chinese friends,' the Russian president told China Vice Premier Minister Zhang Gaoli in the Sakha Republic - also called Yakutia - when they met at the opening ceremony for the construction of the Power of Siberia pipeline.

'Vankor is one of the biggest production operations today and very promising,' he said.

Mr Putin noted that Igor Sechin, the Rosneft president, had already floated the idea with Beijing.
China Investment Corporation may invest in Russian high-speed lines | Railwaybulletin.com

Chinese investors have expressed an interest in the participation in several large-scale projects in the field of railways in Russia, according to Alexander Misharin
 

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Moscow's 'Mr. Yuan' Builds China Link as Putin Tilts East
By Evgenia Pismennaya Sep 24, 2014 10:06 AM ET

Vladimir Putin has a secret agent in his campaign to curb the impact of sanctions on Russia's economy: Mr. Yuan.

That's what skeptical bankers started calling Igor Marich after he introduced yuan trading in Moscow in 2010, when Russia became the first country outside China to offer regulated renminbi purchases. Now, as sanctions from the west over the conflict in Ukraine prompt more Russian companies to look east for growth, Mr. Yuan has become something of an honorific.

The yuan-ruble trade on the Moscow Exchange, where Marich runs money markets, has jumped 10-fold this year to $749 million in August, though still a sliver of the $367 billion in dollar-for-ruble sales. Yuan buying hit a then-peak of 666 million yuan ($109 million) on July 31, when the European Union penalized Russia's largest banks, OAO Sberbank (SBER), VTB Group and OAO Gazprombank, over Putin's support for Ukraine's insurgency. With EU and U.S. sanctions in place and ties with China deepening, daily trading will soon reach 1 billion yuan, Marich said.

Waging Financial War


"I believe we can see this result within a year," the 40-year-old sports enthusiast said in an interview at the exchange in central Moscow, where he started working in 2000, the same year Putin became president.

Marich's goal may come sooner than he thinks. Russia is considering accepting yuan for gas under the $400 billion, 30-year supply deal that China signed during Putin's visit to Beijing in May, according to four senior Russian officials and executives who asked not to be identified because a final decision hasn't been made.

more...

Moscow's 'Mr. Yuan' Builds China Link as Putin Tilts East - Bloomberg
 

AVERAGE INDIAN

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@amoy just a general question can china fill the gap of Eu business loss due to sanction i just want to know for a counter post in another thread my strong belief is china can do it and to some extent India can lend a hand
 
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amoy

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@amoy just a general question can china fill the gap of Eu business loss due to sanction i just want to know for a counter post in another thread my strong belief is china can do it and to some extent India can lend a hand
EU's loss is others' gain, China Brazil, India and even Argentina - nothing replaceable frankly, especially when trading is not necessarily done in US$.

There're also reports that Russia is even ready to settle with Iran in CNY Yuan since Iran is trading with China in Yuan with a surplus.
Iran and Russia End Trading in Dollars, While China defends Iran oil trade

http://www.chinadaily.com.cn/business/2014-08/22/content_18466156.htm
Chinese pork products will replace banned pork exports from the West, which are unlikely to win back their place in the Russian market even if the present ban is lifted, according to Russia's meat products watchdog.

Russia's Federal Service for Veterinary and Phytosanitary Surveillance said in a statement on the agency's website on Wednesday that "the Russian government now is actively cooperating with China's veterinary authorities on pork supplies from certain highly integrated Chinese enterprises".

Russia's Far East region used to rely heavily on meat supplies from the United States and Canada. The change in meat suppliers comes after Moscow imposed a one-year ban on a number of agricultural products, including meat, fish, poultry, fruit, vegetables, wine and dairy products from the US, the member nations of the European Union, Norway, Canada and Australia as retaliation for their economic sanctions.

Tian Zhihong, a professor specializing in the international trade of agricultural products at China Agricultural University in Beijing, said even though Russia's move is still at an early stage, it will have profound political and economic implications because it comes at a critical time when the US and its European allies are trying to squeeze the country's trade space in the world market.

To gain more access to other markets, Russia also is allowing imports from neighboring Belarus and Kazakhstan of food processed from Western raw materials as Moscow seeks to curb domestic food price increases triggered by its ban on food imported from the West.

"Because Russia can gain pork supplies from other member states of the Commonwealth of Independent States such as Belarus, Armenia and Moldova to support the demand in its western part, China's rising pork exports to Russia will be processed and consumed in the country's eastern part," Tian said .

Tian said companies from China's Sichuan and Henan provinces and northeastern region are likely to be selected to export pork to Russia, because these regions have developed pig-raising and pork-processing industries.

Russia imported 619,200 metric tons of pork valued at $2.13 billion in 2013, with Denmark, Germany, Canada and Brazil as its main suppliers, according to data from Russia's Federal Customs Service. The country purchased 79,300 metric tons of Canadian pork for $246.3 million and received $19 million worth of pork from the US last year.

Meanwhile, Russia also imported 658,400 metric tons of cooled and frozen meat, valued at $2.87 billion, with Belarus and Brazil among the top exporters.

Li Guoxiang, deputy director of the Rural Development Institute at the Chinese Academy of Social Sciences, said as China is the world's biggest pork producer, the nation has a well-developed pork processing industry. It has also implemented strict quality control on its pork exports.

Supported by a booming feed industry and surging domestic meat demand, China exported 1.68 million pigs and 73,000 metric tons of frozen pork in 2013. "Russia is no longer only importing China's vegetables and fruit but it is highly likely to purchase more Chinese meat and farm products to ensure supply and stabilize domestic goods price while diplomatic relations between Russia and the West are still unclear," said Li.
'China ready to replace EU investors in Russia if more sanctions follow' — RT Business
The Chinese are prepared to step in "if we are squeezed out (of Russia) through sanctions or other measures", Hartmann warned during the 18th International Economic Forum in St. Petersburg.

CHECK OUT ST. PETERSBURG LIVE UPDATES HERE

"I've heard about 20 or 57 Chinese high-tech companies are ready just to move in and replace Alstom, Siemens, BASF, and Bayer, just to name the few. It's amazing!" he said.

However, Hartmann expressed hope that "the trust, which has been built between"¦ Russian government and European investors is still very holding; very strong and will overcome this."
It's a surprise that South China's tropical island of Hainan has become the second most popular destination among Russian visitors, who ranked first among the foreign visitors.
 
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