Chinese enterprises will sign four contracts worth over US$500 million to
buy machinery and electric products from their Russian counterparts during a
Chinese national exhibition, a top Chinese trade official said yesterday.
Chinese enterprises will also sign another six contracts to supply machinery
and electric products worth US$1.128 billion to Russia, Vice Minister of
Commerce Yu Guangzhou said at an electric trade fair held on the first day of
the Chinese national exhibition due in Moscow on March 26-29.
"It is the common objective of the two countries to increase the share of
machinery and electric products in mutual trade," Yu said.
"Machinery constitutes a small fraction of bilateral trade turnover. The
sides must undertake efforts to increase the competitiveness of the output of
their machine-building products," Yu said.
According to official statistics, the China-Russia bilateral trade turnover
of machinery and electric products last year was US$5.85 billion, but only
US$247 million of importation was from Russia. Russia mainly delivered oil,
petrochemicals and timber to China last year.
